News and Announcements
Hartleys Ltd Initiates Research Coverage on Mustang Resources (ASX: MUS)
- Published July 17, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Mustang Resources Limited (ASX:MUS) has recently announced that Australian stockbroking firm, Hartleys Limited has begun coverage on its Montepuez Ruby Project along with Balama Graphite project, located in the northern Mozambique.
KEY TAKEAWAYS:
- Mozambican rubies first appeared in quantity on world markets back in 200.
- Gemfields Plc produced and sold rough Montepuez rubies for US$280M revenue from 2017-2017.
- The company has installed the capacity to bulk sample meaning “1,500 tonnes of gravel per day, equivalent to about half of Gemfields” recent output rate.
- Mustang is expecting to sell its first rubies by auction during October 2017.
- Hartleys has estimated MUS could receive around US$10m in revenue from the auction.
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