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Gemfields expands into rubies with Mozambique acquisition

from Proactive Investors

Gemfields has conditionally agreed to acquire a 75 percent stake in a Mozambique ruby deposit for $2.5 million. Mining has taken place only on a relatively small area of the site, and the current owner, Mwiriti Limitada, wants to scale up the operation. Gemfields CEO Ian Harebottle said, "We are particularly pleased to announce this first and consequential step in our diversification into other premium colored gemstones. This is arguably the most important ruby deposit in Mozambique today and its production to date has been likened in quality to both that produced in Burma and also at Winza in Tanzania." more

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