Mozambican company Mwiriti, which owns a stake in Montepuez Ruby Mining, said it has discovered gold in prospecting conducted at the administrative post of Nairoto, Montepuez district, Cabo Delgado province, northern Mozambique, according to the Mozambican press.

Mwiriti’s report and accounts, quoted by television channel STV (Soico Televisão), said the company plans to raise more than US$100,000 to build a gravel-washing unit, although the size of the existing deposits in the area is not yet known.

Mwiriti holds a 25% stake in Montepuez Ruby Mining, which owns a concession in Cabo Delgado for the exploration of rubies, in which British company Gemfields acts as operator.

Gemfields, which since July 2017 belongs to the Pallinghurst group, has so far carried out ten auctions of rubies extracted from the concession, which provided a cumulative revenue of US$407 million. (macauhub)