MUSTANG RESOURCES IN LINE TO EXCEED RUBY AUCTION TARGET

MAPUTO, Australian mining company Mustang Resources says it has gathered more rubies than expected from its mine in Montepuez, in the northern Mozambican province of Cabo Delgado.

The company reveals in a media statement that an increase in production has led to its inventory increasing to 277,852 carats of rubies, comfortably exceeding 300,000 carats by the time of its maiden auction, which will take place over four days from Oct 27 in Mauritius.

The company had earlier planned to accumulate 200,000 carats of the gems. However, it says record production at its mine and strong results from its artisanal miner development programme where the company buys gems from local miners has surpassed expectations.

The company’s managing director, Christiaan Jordaan, said: 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’s Montepuez ruby project consists of four licences covering 19,300 hectares directly adjacent to the world’s largest ruby deposit, which is being mined by Montepuez Ruby Mining Ltd.

Source: NAM NEWS NETWORK