LONDON, UK: Gemfields, a global leader in the mining and marketing of coloured gemstones, has announced that it will build a new processing plant at its Montepuez ruby mine in Mozambique, tripling its processing capacity from 200 to 600 tonnes per hour.
The company has signed a contract with Consulmet, a South African engineering firm, to construct the new plant for approximately USD 70 million, funded by cash resources and debt. The plant is expected to become operational in the first half of 2025.
The new plant will enable Gemfields to process its sizeable stockpile of rubies, which have been accumulated over the years due to the limited capacity of the existing plant. It will also allow Gemfields to bring to market additional size and colour variations of rubies and to assess and expand into additional mining areas within its 34,966-hectare concession.
Gemfields owns 75% of Montepuez Ruby Mining Limitada (MRM), the operator of the Montepuez ruby mine, while the remaining 25% is owned by Mwiriti Limitada, a local Mozambican partner. MRM is one of the world’s largest and most significant ruby deposits, producing high-quality rubies since 2012. MRM has sold over 60 million carats of rubies through its innovative auction system, generating over USD 600 million in revenue.
Prahalad Kumar Singh, General Manager of MRM, said: “This investment constitutes the single-largest investment ever made by the Gemfields Group and represents our ongoing commitment to the province of Cabo Delgado, to Mozambique and to our local communities for whom additional jobs and economic development are of pivotal importance. I extend my deep gratitude to all of our stakeholders, including our hard-working team and our partners at Mwiriti Limitada and in the Government of Mozambique for their ongoing support and encouragement in making MRM a leading contributor in Cabo Delgado.”