London-based mining company Gemfields has announced that it sold US$71.8 million in rough rubies from its mine in Mozambique owned by Montepuez Ruby Mining Ltd (MRM) at an auction in Singapore.

According to a statement from the company, this is the tenth lot auctioned since 2014 from the mine located in Montepuez, in the northern province of Cabo Delgado, Mozambique, and which achieved an average price of US$122 per carat.

Gemfields said in a statement that since 2014 it has raised US$407 million from the sale of Mozambican rubies.

Gemfields owns 75% of Montepuez Ruby Mining Ltd and the remaining 25% is owned by Mwiriti.

Gemfields has been owned Pallinghurst Resources since last July. (macauhub)