The bidding war for the London-listed company that operates the Montepuez ruby mine in northern Mozambique has intensified after South African private equity investor Pallinghurst Resources fought to see off a late bid from Chinese conglomerate Fosun. Pallinghurst yesterday lowered its acceptance level for AIM-listed Gemfields to 60%, meaning that it has already secured enough...

Mozambique President Filipe Nyusi will visit Italy next month, accompanied by a delegation of Mozambican business leaders, to cement relationships with one of the country’s biggest investors. Nyusi will be accompanied by a delegation from private sector business organisation the Confederation of Economic Associations (CTA) on the trip, scheduled for 10-13 July. The President’s itinerary...