Montepuez Ruby Mining plans to invest over US$14 million in the expansion of ruby mining operations in Cabo Delgado province in northern Mozambique by 2019, the company’s director said recently during a visit by the Mozambican chief of police to find out about safety conditions.
Isaac Muchenje also said that with that investment the company intends to double to ruby extraction to 20 million carats per year from 11 mines exploring 300 different categories of rubies.
Montepuez Ruby Mining has so far held nine auctions for the sale of uncut rubies mined in Mozambique, which raised US$338 million, of which US$71 million was delivered to the Mozambican state in the form of taxes.
The company has a 25-year operating license, recording turnover of US$109 million this year with the sale of rubies at auction.
A partnership that is 75%-controlled b British company Gemfields and the remaining 25% by Mozambique’s Mwiriti, the company started mining in 2012 and was named as Mozambique’s largest taxpayer for two consecutive years, according to Mozambican newspaper Notícias. (source: Macauhub)