Montepuez Ruby investing further in extraction operations

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Montepuez Ruby investing further in extraction operations

9:26 CAT | 19 Dec 2017

A MONTEPUEZ Ruby - Notícias

Montepuez Ruby Mining is to invest a total of US$14.4 million through to 2019 the strengthening its ruby mining operations in Cabo Delgado.

Manager Isaac Muchenje announced the figure during a visit by the Commander General of the Police of the Republic of Mozambique, Bernardino Rafael to the mining company to assess security issues.

Muchenje said the investment would enable the company to double production to 20 million carats per year from 11 mines, producing 300 different types of ruby. To date, the company has held nine product auctions, yielding US$338 million, of which US$71 million went in taxes to the Mozambican State.

In 2017, Montepuez Ruby Mining has invoiced US$109 million for the product for which it has a 25-year operating license. Current exploitation by area stands at 10 percent, with about 467 million carats expected to be extracted in the remaining 21 years of activity.

The Commander General of Police, Bernardino Rafael, gave his word that corporation would continue to prioritize security for the company, so that it could maintain production levels.

“When we refer to security propitious for the development of the country, we’re talking about [things like] this partnership between the PRM and the Montepuez Ruby Mining. We will continue to invest in security for increased production and better channelling of taxes to the State,” Rafael explained.

The mining company disburses about one percent of its revenue, or just over one million US dollars, on social initiatives such as health, education and agriculture. In addition to building a school, it has provided a mobile clinic to assist communities and farming equipment for nine local associations.

Montepuez Ruby Mining started production in 2012, and has been distinguished as ‘Best Contributor’ for two consecutive years.

Source: Notícias