Based on data up to last December from the “G Factor for Natural Resources” report, Montepuez Ruby Mining (MRM) recorded a total revenue of $117.2 million (€102.5 million) in 2024.
This report aims to promote transparency regarding the wealth level of human resources shared by Gemfields with host country governments from the mining, oil, gas, timber, and fishing sectors. In the previous report from 2023, total revenues from this exploitation in northern Mozambique were identified as $151.3 million (€132.4 million).
Since Gemfields acquired 75% of MRM in February 2012, the year mining operations began and ruby auctions commenced two years later, the mine has accumulated revenues exceeding $1.172 billion (€1.026 billion), and paid the Mozambican state $285.5 million (€250 million) over the same period.
Last year, MRM paid the Mozambican government $28.1 million (€24.6 million) – nearly half of the $53.2 million (€46.6 million) in 2023 – in royalties and taxes, according to the same report.
Montepuez Ruby Mining Limitada (MRM) is a Mozambican company operating in the Montepuez ruby deposit, covering approximately 33,600 hectares.
“It is believed to be the most significant ruby deposit recently discovered in the world,” states the company, which claims to have created over 1,400 local jobs.
MRM is 75% owned by Gemfields and 25% by Mwiriti Limitada, a Mozambican company.
The mine resumed activity last January after it was halted due to social unrest following the general elections on October 9 in Mozambique.
According to the company, in the last week of 2024, “over 200 people attempted to invade” the MRM village, destroying and setting fire to several structures. In this escalation of violence, the intervention of police and military forces ensuring local security resulted in the deaths of two people.
Some of the 500 workers in the area were relocated to other locations from December 26 for safety reasons, two days after activities at the mine were suspended.
MRM also previously confirmed that during the same period, the nearby village of Wikupuri, built by the miner, was attacked by alleged protesters, involving looting and destruction.
Gemfields is a world leader in responsible mining and marketing of colored gemstones. Along with MRM, it operates and owns 75% of the Kagem emerald mine in Zambia, described as “the world’s largest emerald mine,” as well as bulk sampling licenses in Ethiopia, among others.
“Gemfields’ responsibly mined gemstones are the preferred choice for pieces created by many renowned global luxury houses and leading designers,” according to previous company information.
