Montepuez Ruby Mining (MRM), the concessionaire of the Montepuez ruby mine in Cabo Delgado, generated $76.1 million in revenues in the first half of 2026, bringing cumulative auction proceeds since 2014 to nearly $1.3 billion.
According to Gemfields’ half-year report, released on Thursday, 1 October, MRM’s revenues nearly doubled compared with the $38.9 million recorded in the first half of 2025, driven by two auctions held during the period.
The first auction of 2026, held in February, generated $53 million, while the second, in June, yielded $23.1 million. Combined, the two sales produced revenues of $76.1 million.
“MRM remains the world’s largest ruby producer and supplies approximately 50% of the global supply of quality rubies,” Gemfields said. The company is the majority shareholder in the entity that holds the Montepuez concession in Cabo Delgado.
Since the commercialisation of Montepuez rubies began in June 2014, MRM has held 30 auctions, generating cumulative revenues of nearly $1.3 billion, according to Gemfields.
The company operates a concession covering 349 square kilometres and is 75% owned by Gemfields and 25% by Mozambican firm Mwiriti Limitada. MRM is regarded as the world’s largest ruby producer and represents a significant source of foreign exchange and tax revenue for Mozambique’s mining sector.
The company’s performance comes against a backdrop of growth in national output. Government data show that Mozambique produced approximately 3.1 million carats of rubies in the first half of 2026, up 61% from around 1.97 million carats recorded in the same period of 2025.
The government attributed the increase “largely to the performance of companies in Cabo Delgado province”, the country’s principal ruby-producing region. The volume achieved in the first six months represents 78.4% of the annual target of approximately 4.06 million carats set for 2026.
In MRM’s case, Gemfields data show that total production of rubies and corundum — a crystalline mineral composed of aluminium oxide — rose 89% in the first half to approximately 2.16 million carats. By contrast, production of high-quality rubies fell 13% to 30,408 carats.
The increase in MRM’s total production and auction revenues thus mirrors the strong growth recorded at the national level, keeping Cabo Delgado at the centre of Mozambique’s ruby mining industry.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/10/01/extractivas-2/montepuez-ruby-mining-soma-quase-13-mm-em-leiloes-desde-2014/
