FURA Gems, a company listed on Toronto’s Venture Exchange, said it had consolidated its position in Mozambique’s gemstone mining industry through the acquisition of a licence for a ruby prospect located in the Montepuez District of Cabo Delgado province.
“The merger of assets with Mustang and Regius announced last week, combined with the acquisition of this licence, now gives Fura further access to both the secondary alluvial and the primary deposit of rubies in the region,” said Dev Chetty, president and CEO of Fura.
“We now have two important silos of colour-gemstones in our portfolio, emeralds from Colombia, the world’s largest emerald supplier in value and rubies from Mozambique, the world’s largest ruby supplier by volume, and where we now have the largest land package in the country,” he added.
On deal closure, Fura will pay Azores Overseas $381,000 in cash and 2.5 million in Fura shares for the property, which is held through in Mozambican Ruby Ltda (MRL), as well as $993,900 to be used to discharge liabilities held by MRL.
