MRM raises USD 643 million from gemstone sales

The mining company Montepuez Ruby Mining (MRM) has collected $643 million from the sale of gemstones mined in Cabo Delgado province, namely rubies, sapphires, emeralds.

The amount achieved represents 94% of documented national inputs from the production of those stones, according to a company statement.

The document cited by Pais Economico states that the figure is the sum the company has recorded over a decade, from 2011 to June 2021.

"This underscores the extent to which non-MRM sources illicitly export [gemstones]," the mining exploration company says.

Last year MRM was distinguished as the largest contributor in Cabo Delgado province from 2014 to 2019, and one of the largest in 2021.

According to MRM CEO Prahalad Kumar Singh, the company's positive impact is due to its transparent modus operandi "and we continue to work to benefit host nations."

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