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Suspected Islamist Militants Attack Ruby Mine in Northeastern Mozambique

  • Islamic State-linked violence has delayed natural-gas projects
  • Five-year insurgency has caused at least 4,332 deaths
Updated on

Shares in Gemfields Group Ltd. fell more than a fifth in Johannesburg after an attack by suspected Islamic State-linked insurgents on a ruby mine near its operations in northern Mozambique prompted the company to evacuate staff. 

The raid took place on an operation 12 kilometers (7 miles) southeast of Gemfields’s 75%-owned Montepuez Ruby Mining Limitada, or MRM, early on Thursday, the company said in a statement. Its shares dropped as much as 21% -- the most since Feb. 7 -- and were 7.4% lower at 3.11 rand by 1:05 p.m. in Johannesburg.