Maputo — The value of minerals must be applied according to the reference prices published in the monthly bulletin issued by the Mozambican Ministry of Economy and Finances (MEF).

August sees the first monthly bulletin published by the government seeking to fight against under-invoicing of minerals, which has been harming the State to the tune of millions of dollars per year.

According to a Ministerial Diploma, "regarding the export of rubies, for example, the companies that cannot resort to selling rubies by auction must apply 265.99 dollars per karat, taking into account the highest price in the auctions held from 1 January to 30 June.'

As for titanium-bearing heavy sands, the Diploma says their price will be determined by their mineral content.

The heavy sands contain ilmenite, rutile and zircon. The reference price for ilmenite, the diploma says, will be 425.25 dollars a tonne; for zircon it will be 2,205.18 dollars a tonne; while the reference price for rutile will be 1,706.28 dollars a tonne. The reference price for gold will be set by the Bank of Mozambique.

Under current legislation, the reference prices are determined by a commission that includes representatives of the MEF, the Mozambican Tax Authority, the National Institute of Mines, the Mineral Resources General Inspectorate, and the Kimberley Process Management Unit.