Mozambique: Montepuez Ruby Mining paid US$44.5 million to the State in 2022

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Mozambique: Montepuez Ruby Mining paid US$44.5 million to the State in 2022

4:18 CAT | 16 Jun 2023

File photo: Gemfields

Montepuez Ruby Mining (MRM) reported this Monday, June 12, that it paid US$44.5 million to the Mozambican government in mineral royalties and taxes last year.

In a press release, MRM announces that the Government of Cabo Delgado recognized the organisation as the largest financial contributor in the province in 2022. “This distinction follows previous awards, in which MRM was distinguished as the largest contributor from 2014 to 2019 and as one of the biggest contributors in 2021, after there was no award in 2020 as a result of Covid-19,” the company reports.

In a ceremony organised by the Tax Authority and the Government of Cabo Delgado, the provincial authorities presented MRM with a certificate recognising its contribution to the economic development of the province and the country as a whole.

Speaking during the ceremony, the manager for Corporate Affairs at MRM, Raime Raimundo Pachinuapa, said that “MRM and Gemfields are proud to contribute to the economic development of the province of Cabo Delgado and Mozambique. We consider it our duty to provide the maximum benefit of gemstone mining to the country and its citizens. That’s why we work transparently to ensure a high level of return”.

In July 2021, Gemfields, operator and 75% owner of MRM, launched the G-Factor for Natural Resources, a measure that promotes greater transparency regarding the level of wealth derived from the mining of natural resources shared with the governments of its host countries. To date, 23% of MRM’s revenues have been returned to Mozambique.

As a result of Gemfields’ approach, the value derived from rubies reverts increasingly to the country of origin, meaning that Mozambique is, for the first time, receiving fair dividends from mining coloured gemstones.

The prize for the largest tax contributor in Cabo Delgado, awarded on Friday of last week, follows the recognition of MRM as the best company in Mozambique in 2021, according to the 24th edition of the KPMG “100 Largest Companies in Mozambique” survey published in January, 2023.

Source: Diário Económico