Gemfields, the emerald and ruby kingpin, has stumbled upon a potentially lucrative gold deposit in the strife-torn Cabo Delgado province of Mozambique. Initial drilling at their Nairoto project has yielded promising results, hinting at the presence of over 103,000 ounces of gold lurking just beneath the surface.

This windfall, however, comes with a hefty dose of realpolitik. The region has been ravaged by an Islamist insurgency that has claimed thousands of lives and displaced over a million people. Gemfields itself was forced to temporarily halt exploration in 2020 due to the pandemic and again last year following an attack on a nearby village.

Despite the precarious situation, Gemfields, with its 75% stake in the Nairoto joint venture, appears determined to push forward. Their focus, however, isn't on becoming a long-term gold player. Instead, they view this as a golden opportunity to be seized and then strategically divested.

"These initial findings are exciting," enthused Kartikeya Parikshya, Gemfields' Mozambique managing director, in a statement that carefully sidestepped any allusions to long-term commitment. "We haven't even scratched the surface, literally," he continued, highlighting the potential for even greater riches deeper underground.

Their plan? To use the rest of the year to refine their understanding of the TL5 target area, with the hope of attracting a buyer or partner keen on developing a full-fledged gold mine. This strategy mirrors Gemfields' well-honed expertise – unearth the gems, then let others polish the profits.

The question remains: who will be brave enough to take the plunge? Multi-billion dollar projects like the TotalEnergies liquified natural gas venture haven't fared well in the face of the insurgency. Only time will tell if Gemfields' glittering discovery can lure investors into Mozambique's murky waters.