Tue. May 28th, 2024

The exploitation of rubies at MRM’s mine in Cabo Delgado, northern Mozambique, has yielded almost one billion euros since 2012, according to figures released by Gemfields, which owns 75 per cent of the company.

According to data up to last December from the “G Factor for Natural Resources” report, which aims to promote “transparency” about the level of wealth from human resources “shared” by Gemfields “with the governments of host countries” from the mining, oil, gas, timber and fishing sectors, Montepuez Rubi Mining (MRM) had a total revenue of 151.3 million dollars (141 million euros) in 2023.

Since Gemfields acquired 75 per cent of MRM – in February 2012, when mining began and ruby auctions began two years later – the mine has accumulated revenues of more than 1,055 million dollars (982.7 million euros), having paid the Mozambican state 257.4 million dollars (239.7 million euros) in the same period.

Last year, MRM paid the Mozambican state 53.2 million dollars (49.6 million euros) in royalties and taxes, according to the same report.

Montepuez Ruby Mining Limitada (MRM) is a Mozambican company that operates in the Montepuez ruby deposit, located in the north-east of Mozambique, in the province of Cabo Delgado, covering approximately 33,600 hectares.

“It is believed to be the most significant ruby deposit recently discovered in the world,” says the company, which guarantees that it has created more than 1,500 jobs locally, 95 per cent of which are for Mozambicans, with 65 per cent coming from Cabo Delgado.

MRM is 75 per cent owned by Gemfields and 25 per cent by Mwiriti Limitada, a Mozambican company.

“MRM aims to emulate Gemfields’ values and operate in a way that contributes positively to the national economy, while taking a leading role in modernising the coloured gemstone sector and building sustainable livelihoods for the communities around the mine. MRM believes that coloured gemstones should be mined and marketed by upholding three key values – transparency, legitimacy and integrity,” explains the company.

Gemfields, meanwhile, is a world leader in the responsible mining and marketing of coloured gemstones and, in addition to MRM, operates and owns 75% of the Kagem emerald mine in Zambia, touted as “the world’s largest emerald mine”, as well as bulk sampling licences in Ethiopia, among others.

“Gemfields’ responsibly mined gemstones are the preferred choice for pieces created by many world-renowned luxury houses and cutting-edge designers,” he concludes.

By Joy

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