The Mozambican company, Montepuez Ruby Mining (MRM), is participating today in Thailand in an auction ceremony of rubies produced in the province of Cabo Delgado. This is a virtual auction where the company takes approximately 667 thousand carats to sell to potential buyers of this type of product with great commercial value in the international market.

The information was advanced, recently, in Maputo, by MRM's Corporate Director, Raime Pachinuapa, on the sidelines of the 8th Mining, Oil and Gas Conference and Exhibition, in Mozambique.

According to the source, with this auction, the company expects to raise approximately 83 million US dollars, the same amounts achieved in the similar event last year.

"We are a company that basically produces ruby and this is what we bring to the auction that will be held in Thailand," he said.

MRM presents itself as the main investor in ruby extraction in Mozambique, with about 33,000 hectares of concession in Montepuez, in the province of Cabo Delgado.

Since its first ruby auction in 2014, Montepuez Ruby Mining has sold a total of 13.6 million carats of raw rubies, which generated $731.5 million in total revenue.

In 2019, MRM generated $122 million in ruby auction revenue, while in 2020, no auction could be held due to the Covid-19 pandemic. The mine was closed between April 2020 and March 2021.

However, in recent years, Mozambican rubies have been in greater demand in the international market, especially the Asian market. A study published last year reveals that more than 50% of Chinese buyers want to buy rubies and emeralds from Mozambique.

Operations have grown exponentially, with the acquisition of a washing unit and, with the most recent investment of 900 million meticais in the installation of a ruby selection and classification house.

This is a Mozambican company operating in the ruby deposit, located in the district of Montepuez, Cabo Delgado province. Covering approximately 33,600 hectares, it is believed to be the most recently discovered ruby deposit in the world.

Seventy-five percent is owned by Gemfields and the other 25 percent by Mwiriti, a Mozambican company, employing more than 1300 people directly and indirectly. (Notícias)