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Gemfields Group Ltd - London-headquartered gemstones supplier - Says its subsidiary Montepuez Ruby Mining Ltda has entered into a legally binding contract with Consulmet Ltd to construct an additional processing plant at its ruby mine in Mozambique. Gemfields says the contract is a "lump-sum turnkey contract" based on industry standard International Federation of Consulting Engineers terms, with Montepuez Ruby Mining's payment obligations agreed in rands and equating to about USD70 million.
The addition of the second facility will triple Montepuez Ruby Mining's processing capacity from the existing 200 tonnes per hour to 600 tonnes per hour, allowing the mine to process its sizeable stockpile, Gemfields says. The new processing plant is expected to become operational during the first half of 2025. Gemfields owns 75% of Montepuez Ruby Mining.
Current stock price in London: 16.00 pence, up 1.6% on Monday
12-month change: up 14%
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12-month change: up 27%
By Artwell Dlamini, Alliance News reporter
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