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The move makes the colored stone miner and Gemfields the only large-scale miners operating in the Montepuez region of Mozambique.
A sampling of the primary ruby mineralization in the amphibolite zone of the ruby mining license in Montepuez just acquired by Fura Gems
Toronto—Fura Gems has purchased another ruby mining license, adding to its holdings in Mozambique.
The gemstone miner announced Thursday it has entered into a share purchase agreement with Azores Overseas Inc. to acquire a 100 percent interest in ruby prospecting license No. 5572L in Montepuez through the acquisition of 100 percent of the quotas of Mozambican Ruby Ltda (MRL).
Fura will pay Azores $381,000 in cash and will issue it 2.5 million common shares in Fura’s capital. It also will pay $993,900 toward MRL’s debts when the deal closes.
It is expected to be completed by Sept. 30.
The acquisition follows the news that Fura would merge ruby assets with Mustang Resources and Regius Resources Group to acquire nine additional ruby mining licenses in Mozambique.
That move gave Fura what it says is the largest ruby mining concession in the country and some of the highest quality ruby licenses available in Mozambique.
The addition of this latest ruby prospecting license, along with the nine previously acquired, gives Fura access to both the secondary alluvial and the primary deposit of rubies in the Montepuez region, CEO Dev Shetty said.
The move also makes Fura and Gemfields the only large-scale ruby miners operating in Montepuez.
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