23 November 2020
Montepuez Ruby Mining Awarded for Being the Highest Local Taxpayer for Six Years Running
On 23 November, Montepuez Ruby Mining (MRM) received a certificate from the Government of the Province of Cabo Delgado for being the highest taxpayer in the province for 2019.
This means that MRM has now been awarded highest taxpayer in Cabo Delgado province for the past six years - from 2014 - 2019 inclusive. MRM was also recently announced as one of two mining companies generating the most revenue for the Mozambican state treasury. And the distinctions do not end there. Additional acknowledgements include an honourable mention in October 2020, when MRM ranked fourth in the CIP transparency index within the extractive sector of Mozambique. Lastly, in the latest ranking of the 100 biggest companies in the country, promoted by KPMG, MRM was distinguished as the best company that operated in Mozambique in 2018, in terms of its performance. Such accolades reflect the role that MRM and parent company Gemfields have played, over the past decade, promoting greater transparency, legitimacy and integrity in the mining and selling of Africa’s coloured gemstone resources. With Gemfields’ approach, countries of origin receive proper and full tax payments based on the transparently reported revenues at full gemstone value. Furthermore, Gemfields voluntarily pioneered the practice of repatriating 100% of the value of the gems sold at auction to the mining company in the country of origin in order to ensure that full value flows back to the host country. Today, as a result of Gemfields’ approach, more ruby- and emerald-derived value than ever accrues to its host countries, meaning that Mozambique and Zambia are, for the first time, receiving proper participation in their coloured gemstone resources.