Africa-Press – Mozambique. Montepuez Ruby Mining (MRM), which operates the largest ruby mine in Mozambique, earned $2.3 million (€2.1 million) in the latest auction of rubies, sapphires and corundum, an official source announced.
Gemfields, the British company that owns the operation, said in a statement that MRM sold all 5.7 million carats (1,130 kilos), divided into 10 lots, at an average price of $0.41 (around 0.37 euro cents) per carat at the auction, which took place between Monday and Wednesday in Thailand.
The proceeds represent an increase of $800,000 (€720,000) compared to a previous similar operation, the statement said.
‘The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties owed to the Government of the Republic of Mozambique being paid on the total sales prices achieved in the auction,’ the note added.
Gemfields’ government director of Products and Sales, Adrian Banks, said, quoted in the statement, that most of the auction’s offer consisted of corundum and sapphire, which are considered “by-products of MRM”.
‘Despite the commercial nature of these goods, the auction saw a strong turnout and robust demand. The significant volume of raw product sold at lower prices will support the factories at the cutting centres in Chanthaburi, Thailand, and Jaipur, India,’ said Banks.
MRM has almost 34,000 hectares of ruby mining concessions in Cabo Delgado and is the main investor in ruby mining in Mozambique, being 75% owned by Gemfields and 25% by Mozambican Mwiriti Limitada.
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