Montepuez ruby deposit : Mozambique

RAPAPORT... Gemfields Plc reported that its inaugural auction of ruby and corundum from its 75 percent owned Montepuez ruby deposit in Mozambique achieved $33.5 million or an average $18.43 per carat. The auction took place in Singapore on June 12 to 17 and was 92 percent sold by lot.

A total of 55 companies placed bids. Of the 62 lots offered, 57 were sold, representing approximately 91 per cent of the market value of the lots offered. In carat terms, the auction saw 2.03 million carats of ruby and corundum placed on offer, of which 1.82 million carats were sold, generating gross auction revenues of $33.5m. Cumulative costs incurred at Montepuez to date (including acquisition cost, capital expenditure and operating costs) stand at approximately US$34 million in total.

The Montepuez Ruby deposit is located in the North-East of Mozambique in the Cabo Delgado province. Covering approximately 33,600ha, it is believed to be the most significant recently discovered deposit in the world.

See ---->http://pennystockjournal.blogspot.ca/2013/09/mozambique-gold-mining.html