News and Announcements
Mustang Ruby Inventory Now Exceeds 350,000 Carats as Government Grants First Mining Concession
- Published October 13, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Mustang set to take to tender around twice as many carats as originally targeted
- More than 30 leading global ruby buyers have officially registered for the tender with applications still coming in
- Mustang secures 25-year tenure with the award of its first Mining Concession at Montepuez Ruby Project
- This security of tenure paves the way for Mustang to undertake its planned processing plant expansions after its maiden tender
Mustang Resources (ASX: MUS) is pleased to announce that its ruby inventory has grown strongly to 352,260 carats, putting the Company in an outstanding position in the lead-up to its maiden rough ruby tender to be held between 27 and 30 October 2017 in Port Louis, Mauritius.
The highly successful program means Mustang is set to take to tender around double the 200,000 carats it originally targeted when it initially selected the sale date.
Mustang achieved a new production record in the month of September, recovering 27,131 carats from 47,160 tonnes processed with consistent head feed grades of ~50 to 60 carats per 100 tonnes and retained a plant stockpile of 55,815 tonnes at 5 October 2017. Furthermore, continued strong results were also achieved from the artisanal development program, thanks to the success of implementing mobile processing equipment and delivering increased process water supplies.
Mustang is also pleased to announce that 35 leading global ruby buyers from Thailand, India, Sri Lanka, Hong Kong and Europe have officially registered to take part in the tender and have signed tender access agreements. In addition to the ruby buyers, representatives from the Mozambican Government have also been invited to attend the tender.
Mustang’s strategy to establish strong, sustainable production and cashflow has also been underpinned through the grant of Mining Concession 8921C by the Ministry of Minerals & Energy. This concession is the first Mining Concession granted to the Company at Montepuez and is valid until 13 September 2042. It replaces exploration and prospecting licence 4143L and secures a 25-year tenure, thereby paving the way for planned processing capacity increases following the maiden tender.
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