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Rubies from Cabo Delgado have yielded almost a billion euros since 2012
The exploitation of rubies in the MRM mine in Cabo Delgado, northern Mozambique, has yielded almost one billion euros since 2012, according to data released today by Gemfields, which owns 75% of the company.
© Lusa
Economia Moçambique
According to data from the "G Factor for Natural Resources" report, which aims to promote "transparency" on the level of natural resource wealth "shared" by Gemfields "with the governments of the host countries" from the mining, oil, gas, timber and fishing sectors, up to last December, Montepuez Ruby Mining (MRM) had total revenue of 151.3 million dollars (141 million euros) in 2023.
Since Gemfields acquired 75% of MRM -- in February 2012, the year mining exploration began, with ruby auctions starting two years later -- the mine has accumulated revenue of over 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 north-eastern Mozambique, in the province of Cabo Delgado, covering approximately 33,600 hectares.
"It is believed to be the most significant recently discovered ruby deposit in the world," says the company, which guarantees to have created more than 1,500 local jobs, 95% of which are for Mozambicans, with 65% coming from Cabo Delgado.
MRM is 75% owned by Gemfields and 25% 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 assuming 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 traded upholding three key values -- transparency, legitimacy and integrity", explains the company.
Gemfields is a world leader in the responsible mining and marketing of coloured gemstones and, in addition to MRM, is the operator and owner of 75% of the Kagem emerald mine in Zambia, presented as "the largest emerald mine in the world", as well as bulk sampling licenses in Ethiopia, among others.
"Gemfields' responsibly sourced gemstones are the preferred choice for pieces created by many world-renowned luxury houses and high-end designers", it concludes.
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