News and Announcements
Mustang Resources Ltd (ASX: MUS) Exceeds Inventory Expectations For Maiden Tender
- Published October 24, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Mustang Resources doubled expectations of their ruby carat inventory
- These results arise from the increased operations effort at the Montepuez Project
- 42 leading ruby buyers – from countries including Thailand, India, Sri Lanka, Hong Kong, the US, and Europe – will attend the first tender from 27 to 30 October 2017 in Mauritius
Mustang Resources has increased its maiden tender target, slated at Port Louis, Mauritius on October 27 to 30, from 200,000 carats to 405,000 carats. The company, which plans to expand its processing plant, aims to hold two tenders by 2018 with a total of one million carats.
The company intends to immediately commence the expansion of its processing plants after the completion of its maiden tender to boost its exploration program in a bid to establish a JORC-compliant mine life.
Mustang increased its target due to the success of its ramp-up operations at the Montepuez Project. This should give investors a good idea of the inventory size when Mustang holds the planned tender next year, and three more tenders by 2019.
Beginning this week, Mustang will set aside all the rubies that will be recovered at the Montepuez site for next year’s first tender.
Mustang Managing Director Christiaan Jordaan said the 405,000-carat inventory for the maiden tender was an outstanding success and marked a major milestone in the Company’s strategy to become a significant participant in the global ruby market.
“We originally set an aspirational target of 200,000 carats, and we have now doubled it,” Mustang Managing Director Christiaan Jordaan said. “This is a pivotal result because it demonstrates the quality of our project and its enormous potential.”
Jordaan said it only shows that the company can generate more production and sustain it not only through its Montepuez Project but also through its upcoming exploration program.
“And our timing appears to be impeccable, with the global ruby market enjoying very strong growth, making it a great time to be the world’s only publicly-listed ruby miner,” he said.
Around 42 ruby buyers from Thailand, Sri Lanka, India, HongKong, United States, Europe and other parts of the world have officially registered for the maiden tender.
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