News and Announcements
Mustang Exceeds Auction Target as Inventory Hits 277,000 Carats
- Published September 12, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Mustang Resources Limited is confident it can substantially increase its ruby production thanks to the significant yields at the Montepuez Ruby Project located in Mozambique.
- Mustang has increased is set to hold a maiden tender from October 27 to October 30.
- Mustang has increased its initial target for the auction from 200,000 carats to 300,000 carats.
Mustang Resources Limited has increased its initial target for next month’s maiden tender from 200,000 carats to 300,000 carats thanks to a ramped-up production. The company’s offering in Port Louis, Mauritius will be conducted over a four-day period from October 27 to October 30.
“The planets are aligning perfectly for our maiden tender. We have exceeded our most optimistic inventory targets and all the feedback we are getting points to strong demand for rubies among global customers,” Mustang Managing Director Christiaan Jordaan said.
Jordaan said the significantly higher tender inventory of the company is expected to open the door to more sales and revenue for Mustang. He said it will also help attract the top buyers of ruby all over the world who are “looking for critical mass as they seek to meet the strong demand for these stones.”
Ruby customers worldwide have expressed a strong interest in Mustang’s tender. As announced, the company’s ruby inventory has increased to 277,852 carats. There is an indication that Mustang’s ruby inventory will exceed that in time for the auction.
The substantial growth in Mustang’s inventory is attributed to the high production rates of its Montepuez Ruby Project located in Mozambique. The implementation of sorting tables and “bushman jigs” at Mustang’s artisanal miner development program (AMDP) has also yielded good results.
Mustang, a producer and developer of gemstone, is presently listed on the Australian Securities Exchange. The mining company has high hopes for the performance of its Montepuez Project. It is expected to provide a strong cash flow for the company through the production of world-class rubies.
The company’s mining site in Mozambique covers an area measuring 19,300 hectares. The site is adjacent to the area where Gemfields PLC discovered the largest ruby deposit in the world way back in 2012. With the Montepuez Project, Mustang aims to consistently meet the world’s increasing demand for ethically-produced rubies.
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