New Mozambican ruby auction raises US$71.5 million

19 December 2019

The 13th auction of rubies extracted in Mozambique that Montepuez Ruby Mining has conducted since 2014 provided revenues of US$71.5 million, said the company in a statement issued in Maputo.

“Of the 104 available lots, 91 were sold,” (87.5%), said the statement from MRM, a company that is 75% owned by Gemfields, with headquarters in Guernsey and the remaining 25% by Mozambican company Mwiriti Limitada.

The auction took place between 10 and 14 December in Singapore, and was attended by some 53 companies.

MRM is the main company involved in mining rubies in Mozambique, with a concession covering around 33,000 in Montepuez in Cabo Delgado province.

The 13 auctions held so far have provided accumulated revenues of US$584.1 million. (macauhub)