Mozambique has reached a new milestone in ruby mining by surpassing, in just nine months, the production target set for the whole of 2024. According to data from the budget execution report for the third quarter, the sector grew by 49 per cent, exceeding the annual production plan for this precious resource by 102 per cent, according to Lusa.
The positive performance is largely due to the increased production capacity of SLR Mining, now the country’s largest ruby producer, which recently added a new processing plant to its operations.
This expansion allowed SLR Mining to produce more than 70 per cent of the total rubies mined in the period under review, consolidating its leadership position in the sector and contributing significantly to the early fulfilment of the annual target.
Another driving factor was the full resumption of operations by Moza Minerals, which, together with Montepuez Ruby Mining, intensified excavation in new highly productive blocks.
This strategic action made it possible to compensate for the decline recorded at the beginning of the year, when ruby production in the country fell 55 per cent due to equipment breakdowns and instability in the Cabo Delgado region, where Mozambique’s largest ruby mine is located.
By the end of the third quarter, the country had produced a total of 3,145,391 carats of rubies, exceeding the annual forecast of 3,080,895 carats. These results come as a relief to the mining sector and the Mozambican economy, which has been facing challenges due to the temporary drop in export revenues from this precious mineral.
In the first quarter of 2024, ruby exports fell by 80 per cent, according to central bank data, largely due to low production at the Montepuez mines.
Recent investments and the strengthening of operations at companies in the sector stand out as crucial elements in the growth of production.
The expansion of processing capacity and increased excavation of high-yield blocks could ensure greater stability in Mozambique’s ruby production in the coming years, contributing to the strengthening of the sector and the creation of new economic opportunities in the country.
This growth and the plans to explore new blocks consolidate Mozambique as one of the world’s largest ruby producers, and analysts in the sector predict that the country could reach new records in the coming years, especially with continued investment in infrastructure and equipment in the mining sector.
