New boss at Gemfields

The appointment of Ian Harebottle, 46, as chief executive of bombed-out AIM emerald play Gemfields Resources has a distinctly poignant flavour. A seasoned gemstone man, the South African was until early 2008 boss of exotic blue gemstone producer (and recent AIM dog) Tanzanite One, for which Gemfields launched a fiercely contested partial bid last year, and was seen as a prime candidate to return to the helm if the deal went through.

The battle between Gemfields and Tanzanite became bitter and there were moves to have directors removed and other nasties. But Harebottle, who is thought not to have seen eye to eye with some of his former Tanzanite board colleagues, clearly made a good impression on Sean Gilbertson, interim chief executive officer of Gemfields, whose father Brian was formerly head of multinational mining giant BHP Billiton and went on to head mining investment concern Pallinghurst, which unsuccessfully sought to take over AIM-quoted Australian manganese counter Consolidated Minerals and other companies.

It is Sean Gilbertson who has recruited Harebottle to take over from him at Gemfields, where he will remain an executive director. Market watchers will be intrigued to see whether he can restore the fortunes of Gemfields.

The company recently warned of impending losses for the year to June and falling output at its Kagem mine in Zambia. No less disconcertingly, director Rajiv Gupta, whose Indian family’s emerald-trading business played a key role in Gemfields’ development, said he would not allow himself to be re-elected to the board.