Gemfields Mozambique Mine To Yield Rubies for Over 20 Years

Mining and Exploration
22/07/2015 23:34

Precious stones miner Gemfields has announced that an independent report has confirmed its majority-owned Montepuez ruby mine in Mozambique has enough reserves to last at least 20 years. According to the report, the mines indicated and inferred mineral resource stand at 467 million carats of ruby and corundum at a grade of 62.3 carats per tonne of ore. It also estimates probable ore reserves of 432 million carats at a diluted grade of 15.7 carats per tonne over 21 years. Until recently, Gemfields was synonymous with emeralds, but is trying now to highlight its newly-acquired ruby mines in Mozambique, from which exceptional-quality rubies have made their way onto jewels by the likes of Fabergé, Georg Jensen and Miiori. The Mozambique asset is forecast to generate a value of nearly $1billion and over 42.7 billion in cash.