Mozambique Mining: Gemrock acquires Regius Group to become 2nd largest ruby miner in-country
Gemrock, an emerging company in the
With this latest acquisition, Gemrock has become one of the leading players in the market and now owns one of the largest ruby mines in the world in Montepuez, Mozambique.
Gemrock has already signed binding agreement to acquire these six licenses from Regius Group and holds 14 ruby licenses in total now. Besides ruby assets in Mozambique, Gemrock has been developing and acquiring emerald licenses in countries like Columbia and Ethiopia.
Regius has been an expert in mining and clean & renewable energy projects in Africa. With operations in Mozambique since 2004, the company has gained strong market knowledge and expertise in mining. Regius is now actively developing gold, graphite and other mineral projects in Mozambique.
Gemrock was co-founded by gemstone veterans Rishabh Tongya & Rajiv Gupta. Talking about the recent acquisition, Rishabh Tongya, Co-founder Gemrock said, “Gemrock is a new entrant in the market and has been extensively working in the ruby mining industry in Montepuez. We are extremely thrilled by this acquisition and believe that these licenses contain the best quality rubies in this region and we look forward to producing some great quality stones in the near future.”
Gemrock, a subsidiary of Diacolor International DMCC will continue to acquire assets throughout the world, under the abled leadership of the father son duo Rajkumar Tongya and Rishabh Tongya. DIACOLOR-Fine Contemporary Jewels, has redefined luxury when it comes jewellery in India.
Rajiv Gupta has immense expertise in the emerald mining industry for over 50 years, who is also the founder of Gemfields. With the able guidance of both industry veterans, Gemrock is seeking to become one of the largest colour gemstones mining conglomerates in the world.
Highlights of the acquisition:
• Acquisition of six ruby assets in Mozambique
• 2nd biggest land mass for ruby mining after Gemfields
• Acquisition is free of debt
• Acquisition to be completed by 31st March 2019
• The exploration activities are expected to commence by 31st July 2019Source: Diamond World
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