The country’s ruby production grew by 10 per cent in the second quarter of 2024, reaching a total of more than 1.6 million carats in the first six months of the year. This performance exceeds annual forecasts and marks a significant recovery after the sharp drop recorded in the first quarter, according to budget execution data from the Ministry of Economy and Finance.
According to Lusa, the 10 per cent increase compared to the same period in 2023 reflects a recovery after a challenging start to the year. In the first quarter, production had fallen by 55% year-on-year, totalling just 252,600 carats, due to operational problems at the country’s largest ruby mine, Montepuez Rubi Mining (MRM).
The half-year report highlights the crucial role of SLR Mining, which in the second quarter took the lead in ruby production, accounting for more than 70 per cent of the total produced in the country. This growth was fundamental in ensuring that, by June, production had already reached 53 per cent of the annual target set by the government, which is 3.1 million carats.
On the other hand, the value of ruby exports fell significantly in the first quarter of 2024, dropping by 80 per cent and generating only 345.4 million meticals, according to central bank data. This drop was largely due to ‘low production levels’ resulting from breakdowns in production equipment and military instability in the north of the country, particularly in Cabo Delgado, where MRM’s mine is located.
‘On the other hand, the value of ruby exports fell significantly in the first quarter of 2024, registering an 80 per cent drop and generating only 345.4 million meticals, according to central bank data’
Historically, ruby production in Mozambique has faced significant variations. In 2023, overall production fell to 2.7 million carats, compared to 4.2 million carats in 2022 and 5 million carats in 2021.
Since MRM began operations in 2012, ruby mining in Cabo Delgado has generated almost 70.1 billion meticals, according to figures released in April by Gemfields, which owns 75 per cent of MRM. The ‘G Factor for Natural Resources’ report indicates that by 2023, MRM would have recorded total revenues of 11.2 billion meticals.
Over the years, MRM has accumulated revenues of more than 78.2 billion meticals, with a significant contribution to the state, to which it has paid 19 billion meticals in taxes and royalties since 2012. In 2023, this contribution totalled 3.9 billion meticals.
MRM, which operates at the Montepuez ruby deposit on an area of 33,600 hectares in Cabo Delgado, currently employs more than 1,500 workers, 95 per cent of whom are Mozambican and 65 per cent from Cabo Delgado. This deposit is considered one of the most significant recently discovered in the world, consolidating Mozambique as an important producer in the global ruby market.
