[2019-02-11] Gemrock acquires ruby mining licenses in Mozambique

Source: Macauhub

Gemrock, a subsidiary of Indian group Diacolor International DMCC, has acquired all of Regius Group’s assets in Mozambique, which include six licenses for ruby mining, the Diamond World website reported.

This acquisition means Gemrock has taken control of one of the world’s largest ruby mines, located in Montepuez, in the northern Mozambican province of Cabo Delgado, as well as increasing its total mining licenses to 14.

The statement said Gemrock, which was founded by Rishabh Tongya & Rajiv Gupta, two gemstone experts, will continue to acquire assets around the world.

The acquisition, the value of which was not disclosed, is free of any debt and when completed, by 31 March, will give Gemrock the second largest area of all the ruby mining companies operating in Mozambique.