Gemfields hauls in $80m in latest ruby auction

Shares in British gemstone miner Gemfields went up nearly 6% on the JSE after the group’s latest ruby auction raked in $80m in revenue, extending its decade-long winning run.

Gemfields, worth about R4.5bn on the local bourse, has a 75% stake in the Montepuez ruby mine (MRM) located in the northeast of Mozambique in Cabo Delgado province. The area is known to have one of the world’s largest ruby and corundum deposits. ..

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