Canadian gemstone mining and marketing firm Fura Gems has completed the acquisition of 100% interest in ruby prospecting licence No 5572L in Mozambique.

The licence is located in the Montepuez District of Cabo Delgado province.

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Fura signed a share purchase agreement (SPA) in July last year to acquire the interest in the ruby prospecting licence.

Pursuant to the agreement, Fura issued more than 1.3 million of its common shares in exchange for Azores Overseas transferring 100% of the quotas of Mozambican Ruby, which owns a 100% stake in the licence 5572L, to Fura’s wholly owned subsidiary.

Fura paid $381,000 in cash to Azores, and an additional $993,900 to discharge certain liabilities of MRL upon closing of the acquisition.

Fura president and CEO Dev Shetty said: “We are pleased to announce the successful acquisition of the licence, which covers an area located in the main ruby producing belt of the Montepuez district of Mozambique.

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“We have already completed the first phase of production drilling and have begun commissioning the wash-plant, which we expect to be completed by the end of 2019. We also expect to commence bulk sampling at the 100km² licence area before the end of 2019, while continuing to explore further.”

Currently, Fura is in the process of completing the purchase and sale of stakes in three additional Ruby prospecting licences in Mozambique.

Fura Gems is engaged in the mining, exploration and acquisition of gemstone licences and owns a 76% interest the Coscuez emerald mine in Boyacá, Colombia.

The company explores and mines rubies in Mozambique through its 80% interest in 4392L, 3868L, 3869L and 6811L ruby licences and its 100% interest in 5572L.