12 Sep 2013 07:00
Richland Resources Limited
("Richland" or "the Company") (AIM: RLD)
Polished Sightholder Agreement with Chow Tai Seng, China
· Polished sales agreement entered into with Chow Tai Seng Jewelry Co., Ltd. (www.chowtaiseng.com)
o Tanzanite jewellery is to be marketed through 2,200+ jewellery stores in Peoples Republic of China
· Richland to initially supply polished and cut tanzanite on order-by-order basis, through beneficiation operations
· First "Polished Sightholder"
· Creation of a strategic supply channel into the booming Chinese colored stone market
· Part of Strategic expansion of beneficiated stones that saw launch of www.tanzaniteoneonline.com retail site this year
Richland Resources Ltd, the gemstones producer and developer, today announces that it has entered into a long-term supply agreement with Chinese retail jewellery giant Chow Tai Seng Co. Ltd to supply ethically produced and polished tanzanite.
The Company will supply Chow Tai Seng with cut and polished tanzanite from its beneficiation operations in Tanzania. Chow Tai Seng will look to market the blue violet gemstones through its 2,200+ jewellery stores in China. The agreement is designed to allow for the creation of a large scale, stone supply channel into the booming Chinese coloured gemstone market. Chow Tai Seng will be the first 'Polished Sightholder' of this nature.
Chow Tai Seng, Chairman Zhou Zongwen said; "The Chow Tai Seng organisation continues to grow in China and is excited to be entering into the gemstone market with an ethical mine to market supply chain. We look forward to working with Richland Resources and its subsidiary, TanzaniteOne to create exciting new product ranges for China's consumers"
Bernard Olivier, CEO of Richland Resources, parent Company of TanzaniteOne said: "Chow Tai Seng is one of the world's most dynamic jewelery companies and I am delighted by today's agreement that allows Richland to expand its product into such a high growth luxury goods market. Working with trusted partners such as Chow Tai Seng, we shall look to introduce more people to some of the world's most exciting coloured gemstones, starting with Tanzanite. We look forward to supplying Chow Tai Seng with beautifully cut and ethically mined gemstones for sale to their valued customers."
END
For more information please contact:
Bernard Olivier
Chief Executive Officer
+61 4089 48182
Laurence Read
Corporate Development and Communications Officer
+44 (0)20 3289 9923
Notes to editors
TanzaniteOne is a fully owned subsidiary of Richland Resources - the AIM listed company. In addition to its tanzanite mining operations, Richland also holds prospective Sapphire, Tsavorite and Graphite assets, all of which are near development stage or ready for redevelopment in the case of previously producing mines.
For more info visit www.richlandresources.com
TanzaniteOne Mining Limited is the world's largest and most scientifically advanced extractor and supplier of rough Tanzanite from the single economic source of the gemstone, that's sits in the foothills of Mount Kilimanjaro, Tanzania. This state-of-the-art operation produces a consistent and high quality supply of gemstones.
Tanzanite One's onsite polishing facility produces truly brilliant Tanzanite with state of the art equipment. Calibrated stones are cut to exact proportions that showcase each gemstone's exceptional beauty. Cut and polished stones can be bought through the Company for retail or, for individual customers, at the online retail sight www.tanzaniteoneonline.com. The Company also has 5 "Tanzanite Experience' retail outlets located in Africa.
TanzaniteOne Mining, was winner of the Tanzanian Presidential Corporate Social Responsibly Award in August 2013 and all gems and jewellery supplied by the Company are guaranteed to have been ethically mined and polished under conventions of the Tuscon Tanzanite Protocol, Tanzanian employment law and the United Nations ILO Declaration on Fundamental Principles and Rights at Work (1998). The Company is extremely conscious of ensuring it has minimal impact on the environment and makes a positive contribution to the community it works in. For examples of this work visit www.tanzaniteoneonline.com
Tanzanite Mining Limited- Licence
A New Full Mining License was received in 2013, from the Tanzania Ministry of Minerals and Energy for all Tanzanite Mining operations.
The New Mining licence is held jointly on a 50:50 basis between the Richland subsidiary company, Tanzanite Mining Limited, and STAMICO, the Tanzania state mining company. All sales of rough stones from tanzanite mining operations are vended through a joint venture vehicle that represents the partnership with Government.