Mozambique: Q1 revenue from ruby exports down 30% YoY to $5.1M - central bank
Mozambique: Gemfields ruby auction raises record 95.6 million dollars – AIM report
4:02 CAT | 20 Jun 2022
File photo: Gemfields
The London-based mining company Gemfields on Monday announced that it had raised a record 95.6 million US dollars from a series of mini auctions of rubies from its mine in the northern Mozambican district of Montepuez.
The auctions took place online between 30 May and 17 June through an online platform which enabled customers from around the world to participate in the sealed-bid process.
Of the 199 lots offered, 112 were sold with an average price of 246.69 US dollars per carat – a new record price for any mixed quality ruby auction.
MRM has held sixteen auctions of rubies from Montepuez Ruby Mining Ltd (MRM) since June 2014, which have in total raised 827.1 million dollars.
According to Adrian Banks, Gemfields’ Managing Director of Product & Sales, “our first auction of rubies in 2022 has delivered truly glittering results, setting a new revenue record for any Gemfields auction at 95.6 million dollars”. He added that “today’s auction results again underscore the extent of the step-change being experienced in the market”.
Montepuez Ruby Mining (MRM) holds a 25 year concession on an area of 340 square kilometres in Montepuez, in Cabo Delgado province. Gemfields holds a 75 per cent stake in the company with the other 25 per cent owned by the Mozambican company Mwiriti.
Source: AIM
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