12 June 2018

Mozambique: Gemfields Ruby Auction Raises Record 72 Million Dollars

London — The London-based mining company Gemfields on Monday announced that last week's auction in Singapore of rough rubies from its mine in the northern Mozambican district of Montepuez raised a company record of 71.8 million US dollars.

Of the 86 parcels of rubies available at the auction, 82 were sold - fetching an average price of 122 dollars per carat.

This was the tenth auction of rubies from Montepuez Ruby Mining Ltd (MRM) held since June 2014. In total, they have generated 407 million dollars. According to the company, "the consistency of supply and the reliability of the Gemfields' grading system continues to be well received by buyers given that it reduces risk, improves manufacturing efficiencies and aids their ability to meet the demand for larger orders".

According to the company's chief executive, Sean Gilbertson, "MRM has been the largest taxpayer in Mozambique's Cabo Delgado province for the last three years, and this auction puts us on track to repeat that achievement in the 2018 calendar year, and to expand our community and conservation initiatives".

He added, "as always, we thank our Mozambican partners, Mwiriti Limitada, and our host government - the Republic of Mozambique - for their vision and support in building and internationalising the Mozambican gemstone sector by promoting transparent and globally -competitive practices".

Gemfields stressed that "the proceeds of this auction will be fully repatriated to MRM in Mozambique, with the production tax due to the Government of Mozambique being paid on the full sales price achieved at the auction".

Gemfields holds a 75 per cent stake in Montepuez Ruby Mining Ltd. The other 25 per cent is owned by Mwiriti. Gemfields is entirely owned by the private equity company Pallinghurst Resources following a successful takeover bid last July.

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