Gemfields has announced that its Montepuez ruby mine in Mozambique would have reserves for at least 20 years, reports say. This it mentioned after the results of an independent report prepared by SRK Consulting of UK, reports add.

The report is a projection of Indicated and Inferred Mineral Resource of 467 million carats of ruby and corundum at an in-situ grade of 62.3 carats per tonne. Also, there are Probable Ore Reserves of 432 million carats of ruby and corundum at a diluted ore grade of 15.7 carats per tonne, according to the study., reports say.

The company intends to increase the mine’s capacity to 5.6 million tonnes from 3.3 million tonnes. It sees spending about $65 million in capital over the next two years and $305 million across the 21 years.