Mozambique’s ruby production has surged to nearly 4 million carats in 2024, exceeding targets set for the year. Challenges early in 2023 were mitigated by strong performances in the second half, with SLR Mining playing a significant role. The Montepuez Ruby Mine aims to regain its top position with new facilities to enhance production capacity and economic contributions.
Mozambique has experienced a significant surge in ruby production, nearing 4 million carats in 2024, marking a 46% increase from the previous year. According to the Portuguese news agency Lusa, the government surpassed its target of 3,080,895 carats in just nine months, achieving 3,145,391 carats by the end of September. Despite initial difficulties, including production shortages and low export values in the first quarter, production levels rose dramatically in the following quarters.
The second quarter witnessed a recovery, contributing over half of the year’s target, while the first quarter only met 8% of expectations. By the conclusion of the year, total ruby production reached 3,946,506 carats. Factors leading to earlier production shortfalls included equipment challenges at Montepuez Ruby Mining (MRM) and military instability, yet SLR Mining proved pivotal in the recovery process, accounting for over 70% of production alongside contributions from Moza Minerals.
Ruby mining in Mozambique is a relatively recent endeavor that began in the 1990s, though evidence of rubies in the region dates back to the 1500s. The Montepuez Ruby Mine, established in 2011, quickly became the world’s leading supplier of rubies after the significant ruby deposit was discovered in 2009. Notably, SLR Mining overtook MRM last year, with the latter’s decline attributed to the commissioning of an additional processing plant by SLR, which was acquired by Fura Gems in 2020.
MRM, backed by Gemfields, may regain its position as the leading ruby producer with plans to open a second processing facility by the end of 2025, which is expected to triple its production capacity. This expansion aims to enhance revenue generation and create additional employment opportunities. Since initiating ruby auctions in 2014, MRM has contributed approximately $257.4 million to the government, including $53.2 million in royalties and taxes in 2023, employing around 700 workers and contractors.
In conclusion, Mozambique’s ruby production has seen a remarkable recovery in 2024, driven by significant contributions from SLR Mining and a resurgence in output during the latter half of the year. As the industry evolves, MRM aims to bolster its production capabilities with upcoming expansions, reflecting the region’s potential as a key player in the global ruby market. The government’s continued focus on mining may further enhance the sector’s contributions to the national economy.
Original Source: macaonews.org
