Montepuez Ruby Mining (MRM), which explores rubies in Cabo Delgado, in the north of the country, has raised $731 million from 15 auctions held since it started operations in 2011.

In a statement, the firm says that of the total amount, $88 million is the result of auctions held this month, a figure the firm considers a record, of which $7 million will go to the state treasury.

"With each precious stone extracted from the subsoil, we always try to generate changes in various areas, that is, to change the lives of the local population. Today, we renew our commitment and the guarantee that we will continue to invest in the country's development," said Ângelo Zandamela, MRM's Human Resources director, in a statement quoted by Lusa.

As of January 2011, Montepuez Ruby Mining's sales accounted for 94% of the country's money flows related to emeralds, rubies and sapphires, according to the company itself.

MRM has about 34,000 hectares of concession for ruby exploration in Cabo Delgado and presents itself as the main investor in ruby extraction in Mozambique, being 75% owned by the Gemfields group and 25% owned by Mozambican Mwiriti Limitada.