Montepuez Ruby Mining holds fourth auction of rubies mined in Mozambique

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(2015-05-11) Montepuez Ruby Mining is due in June in Singapore to hold its fourth auction of rubies in the rough mined in Mozambique, company director Rami Raimundo Pachinuapa said cited by Mozambican daily newspaper Notícias.

Pachinuapa said this auction would provide revenue of US$50 million, after a previous auction held in Jaipur, India of low quality rubies yielded US$15 million.

The company was recently considered the largest taxpayer in Cabo Delgado province after it paid 320 million meticais in taxes as a result of two ruby auctions it carried out.

The contribution of Montepuez Ruby Mining allowed the Mozambique Tax Authority in 2014 to collect total taxes of just over 1.6 billion meticais throughout the province, which this year increase to over 1.8 billion meticais, said provincial delegate João Pereira.

Montepuez Ruby Mining, which is 75 percent owned by British group Gemfields and t25 percent by Mozambican company Mwiriti Limitada, has two 25-year mining licenses in the province of Cabo Delgado. It started operating in the area in November 2012 and held its first auction in Singapore in June 2014.

Source: Macauhub

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