Maputo, Mozambique – The Montepuez Ruby Mining (MRM) has once again cemented its position as the country’s ruby titan, announcing a record export of 1.3 million carats in 2023. This remarkable achievement has not only bolstered Mozambique’s mining sector but has also significantly contributed to the nation’s economy.
“The rubies recovered at MRM are sold at auction, with the 2023 auction calendar yielding US$151.3 million [€135.9 million], all of which is fully repatriated to Mozambique,” the company proudly stated, emphasizing its commitment to fair taxation.
MRM, which operates in the northern province of Cabo Delgado, is gearing up for even more significant strides. “We anticipate a surge in production and export levels from the second half of 2025, following the successful commissioning of our second processing unit,” said a company spokesperson. This new plant is expected to triple MRM’s processing capacity, further solidifying its dominance in the ruby market.
The UK’s Gemfields holds a 75% stake in MRM, while the remaining 25% is owned by the Mozambican company Mwiriti Limitada. Since Gemfields acquired its majority share in 2012, MRM has generated impressive revenues exceeding US$1.055 billion (€982.7 million). The company has also made substantial contributions to the Mozambican government, paying over US$257.4 million (€239.7 million) in taxes and royalties during this period.
Last year alone, MRM remitted an impressive US$53.2 million (€49.6 million) to the Mozambican state. This underscores the company’s significant role in supporting the country’s economic development.
MRM’s operations extend across approximately 33,600 hectares in Cabo Delgado, encompassing the world’s most substantial recently discovered ruby deposit. The company has been a driving force in local job creation, providing employment to over 1,500 individuals, 95% of whom are Mozambicans.
The ruby industry in Mozambique has experienced a remarkable resurgence, with production soaring in the second quarter of 2024. This growth has surpassed initial forecasts for the year, demonstrating the sector’s resilience and potential. In the first six months of 2024, ruby production in Mozambique reached an impressive 1.64 million carats, a 10% increase compared to the same period in 2023.
Despite facing challenges in the first quarter, the industry has rebounded strongly, with SLR Mining emerging as a key player, accounting for over 70% of total production. The Mozambican government has set an ambitious target of 3,080,895.32 carats of rubies for 2024, and the current production levels indicate a promising trajectory towards achieving this goal.
While the value of Mozambican ruby exports declined in the first quarter due to various factors, the industry’s overall performance remains encouraging. As MRM continues to expand its operations and the sector benefits from increased production, Mozambique’s ruby gem is poised to shine even brighter on the global stage.
