British company Gemfields buys majority stake in ruby deposit in Mozambique

9 June 2011

London, United Kingdom, 9 June – British-owned company Gemfields, which is listed on the London Stock Exchange, Wednesday in London announced the conditional acquisition of a 75 percent stake in a ruby deposit in northern Mozambique, for US$2.5 million.

The project is located in Montepuez, Cabo Delgado province, northern Mozambique, and includes five mines covering 34,000 hectares.

The current concession holder, Mozambican company Mwiriti Limitada, mines only a small part and plans to increase its operations.

“The current owners are seeking a professional, experienced and transparent partner to support the in developing the project, said Ian Harebottle, chief executive of Gemfields.

With this acquisition, Gemfields has boosted its presence in Africa where it already owns the Kagem emerald mine in Zambia. (macauhub)