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Mozambique’s MRM ruby auction raises $55.3million

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Mozambique’s Montepuez Ruby Mining (MRM) has said its latest auction of rubies, held in Singapore from 10 December 2018 to 14 December 2018, raised 55.3 million US dollars.

A company press release Friday, 21 December 2018,  said 685,363 carats of rubies were on offer, of which 655,623 carats (96 percent) were sold.

“The rubies fetched an average price of 84.32 dollars a carat and grossed a total of $55.3 million. The money from the auction will be entirely repatriated to Mozambique,” added the statement.

This was the 11th auction of MRM rubies since June 2014. Taken together, the auctions have produced gross revenue of 462.6 million dollars.

MRM is 75 percent owned by the British company Gemfields, and 25 percent by the Mozambican company, Mwiriti.

According to the MRM release, since February 2013 MRM has invested more than 182 million dollars in the construction and operation of the ruby mine in Montepuez, in the northern province of Cabo Delgado.

It has paid 107 million dollars in production taxes to the government, which is about 26 percent of the total revenue.


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