Gemfields reaches revenue record at a ruby auction in Mozambique

Gemfields reaches revenue record at a ruby auction in Mozambique

Gemfields has achieved record revenues in a € 60.8 million ruby auction in Mozambique, the company said in a statement.

The ruby auction that took place between June 5th and 9th "guaranteed revenues of $71.8 million, a Gemfields' record," a note from the company consulted today by Lusa, read.

Of the 86 lots offered, 82 were sold with an average price of 103 euros per carat.

The proceeds from this auction "will be fully repatriated to the Gemfields ruby mine, Montepuez Ruby Mining (MRM) in Mozambique, with the production tax levied on the total sale value achieved in the auction," he concludes.

MRM has been operating in Mozambique since 2012 in an area of 340 square kilometers, one of the world's most extensive privately owned concessions, according to Gemfields.

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