Gem exploration and mining company Gemfields has raised $60 million to fund its future expansion plans and simultaneously completed the acquisition of Zambia's largest emerald mine, Kagem. Pallinghurst Resources, a company run by former BHP Billiton Chief Executive Officer Brian Gilbertson and specializing in strategic investment in the natural resources sector, has invested in Gemfields to acquire a majority stake, the company said in a media release issued on Friday.

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