Montepuez Ruby Mining (MRM - 75% Gemfields and 25% by Mwiriti) raised 11 million dollars in a mini-auction of raw rubies, held through online bidding.

The stones were extracted from the lands of Cabo Delgado and exhibited in Bangkok, Thailand, between September 29 and October 3.

The gems were displayed in 33 lots, 26 of which were sold at an average realized price of 59.43 dollars per carat.

"This mini-auction featured mainly medium and commercial grades of secondary material sourced from a recently developed mining area in the 'Maninge Nice' domain and where our processing activities have been concentrated in recent months," said Gemfields' Product and Sales Director Adrian Banks.

The profits from this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government being paid on the total sales prices achieved in the auction.