Fura Gems said it had agreed to buy nine ruby assets in Mozambique from Australian-listed companies Mustang Resources and Regius Resources for A$15m (£8.4m).
The deal, which would see Fura buy out joint venture stakes in the assets, involved a cash payment of A$3m, plus the issue of around 12.7m new Fura shares.
On completion of the acquisition, Fura said it would hold the largest ruby land package in Mozambique of 1,104 square kilometers.
Fura said it expected to commence bulk sampling activities of rubies by the end of 2018, and commence auction sales from the third quarter of 2019.
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