Mozambique : Mustang to take 405,000 carats of rubies to maiden tender

Publié le mardi 24 octobre 2017, par

Mustang Resources will take 405,000 carats of rubies of Montepuez, northern Mozambique, to its maiden rough ruby tender later this week in Mauritius, the ASX-listed company on Tuesday reported.

Christiaan Jordaan, managing director, said the 405,000-carat inventory 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,” he said. Jordaan underscored this is a pivotal result as it demonstrates the quality of the Montepuez project and its enormous potential. “It is increasingly clear that Montepuez can generate production and cashflow on a much greater scale”, he also said.

The only publicly-listed ruby miner will take the 405,000 carats of rubies to the tender to be held between 27 and 30 October 2017 in Port Louis, Mauritius. A total of 42 leading ruby buyers from around the world have registered to attend the tender. They will come from Thailand, India, Sri Lanka, Hong Kong, the United States and Europe. From this week, all rubies recovered at Montepuez will be set aside for sale at first tender which is expected to be held before July 2018.

Mustang Resources is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby project, Cabo Delgado province in northern Mozambique. The Montepuez Ruby project consists of three licences and one mining concession covering 19,300 hectares in total directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC in 2012.