Mozambique’s ruby production fell by 35.6% in 2023, totaling 2.7 million carats. This figure was well below the target initially set, which was more than 7 million carats.

According to information released by the Ministry of Economy and Finance on Monday (11), the negative performance is directly related to the low production levels of the largest miner of this mineral, as well as technical problems with equipment and terrorist attacks in the region.

In the previous year, 2022, production was 4.2 million carats, and the year before that, the mark of 5 million carats was reached.

Gemfields, one of the main companies in the sector, announced in December that auctions of precious stones, especially rubies mined in Montepuez, in the province of Cabo Delgado, generated a total revenue of one billion dollars over nine years.

The rough rubies sold between November and December 2023 were mined by Montepuez Ruby Mining, a company 75% owned by Gemfields and 25% by Mozambican partner Mwiriti, reaching an average price of 290.02 dollars per carat.

Meanwhile, the Montepuez ruby mine is considered to be one of the world’s most significant recently discovered ruby deposits.

President Filipe Nyusi expressed Mozambique’s interest in establishing a strategic partnership with Qatar to boost the development of the country’s natural gas sector. In his statement, Nyusi emphasized Qatar’s vast experience in the exploration, production and export of natural gas, highlighting the importance of learning from the best practices and knowledge accumulated by the Persian Gulf country.
The president highlighted the significant challenges the country faces in the energy sector, including issues related to the imbalance between supply and demand in global markets, as well as security concerns due to regional instability. In this context, the partnership with Qatar would not only strengthen Mozambique’s capacity to face these challenges, but would also pave the way for cooperation on key issues, such as the transition to renewable energies and the reduction of carbon emissions.
In addition, Nyusi stressed the importance of strengthening bilateral relations between the two countries, not only in the energy sector, but also in other areas of mutual interest.

ThThese figures, revealed in the Bank of Mozambique’s (BdM) statistical report, highlight a significant increase of 218% compared to 2022, when exports reached 541.6 million dollars.
The growth was driven by the start of operations in Area 4, led by Mozambique Rovuma Venture (MRV), a joint venture made up of ExxonMobil, Eni and CNPC (China), which holds a 70% stake in the concession contract.
The prospect of a second floating platform project, Coral Norte, by Eni, underlines the ongoing commitment to the development of the sector. This project, estimated at seven billion dollars, is currently being negotiated with the government and could start production as early as the second half of 2027. Coral Norte, located 10 kilometers north of Coral Sul, is expected to bring an additional boost to the Mozambican economy, capitalizing on the vast reserves of the Rovuma basin.
The explosive growth in natural gas exports positions Mozambique as an important player in the global energy market, highlighting the country’s significant potential for sustainable development and continued economic growth.