africa commodities gold Mozambique Natural Resources

Mwiriti discovers large gold deposit in northern Mozambique

Mozambique has at least one large gold deposit in the province of Cabo Delgado, said Azghar Faqhr, managing director of Mwiriti, Lda, a Mozambican company that owns a stake in Montepuez Ruby Mining.

Faqhr, quoted by Mozambican daily newspaper O País, said initial results of the surveys indicate that the gold deposit found in that province is about six times larger than those discovered in South Africa.

In addition to the amount of ore present, the deposit is considered to be special due to the occurrence of gold with a high degree of purity, which the company said was the highest in Mozambique.

“The gold extracted in Nairoto is 22-carat, which is to say, it leaves the ground with a degree of purity between of 86% and 91%, exceeding the levels of gold mined in the province of Manica,” Faqhr said.

The gold deposit is located in the Montepuez district of the administrative post of Nairoto, where a small mining complex has already been set up, and the managing director said that since the beginning of the survey in 2015 the company has already spent more than US$11 million, more than half on the purchase and installation of equipment at the site of the future ore processing unit.

Mwiriti Lda. has a 25% stake in Montepuez Ruby Mining, which holds a ruby mining concession in Cabo Delgado, in which British company Gemfields, which since July 2017 belongs to the Pallinghurst group, is the operator.

Source: Macauhub

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