Rubi, Gemfields
London, 7 Dec (AIM) – The London-based mining company Gemfields on Wednesday announced that it has raised 69.5 million US dollars from an auction of mixed-quality rough rubies held between 29 November and 5 December in Bangkok, Thailand.
The gems were mined in the northern Mozambican province of Cabo Delgado by Montepuez Ruby Mining Limitada (MRM), which is 75 per cent owned by Gemfields and 25 per cent by its Mozambican partner, Mwiriti Limitada.
During the auction 97 lots comprising of 239,591 carats were sold at an average price of 290.02 dollars per carat. This takes the total sales of MRM rubies from 21 auctions since 2014 to 1.049 billion dollars.
In a statement, the company stressed that “the proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government of the Republic of Mozambique being paid on the full sales prices achieved at the auction”.
According to Adrian Banks, Gemfields’ Managing Director of Product and Sales, “We’ve seen ruby prices at our auctions go from strength to strength in recent years and our final auction of 2023 has further endorsed that trend. This auction has shown that the demand and pricing for rough rubies is decidedly healthy”.
He added that “Gemfields’ total auction revenue for 2023 stands at 242 million dollars, the second highest in our history”.
Montepuez Ruby Mining (MRM) holds a 25-year concession on an area of 340 square kilometres in Montepuez.
(AIM)
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