Carats, not stick, for ruby-rich miner Mustang
13th October 2017
Resources Rising Stars
Shares in Mustang Resources hit a 22-month high yesterday after the Mozambique-focussed ruby miner announced its gemstone inventory had grown to 352,260 carats, reports The West Australian.
The company was also buoyed by news it had secured a 25-year tenure at its flagship Montepuez ruby project in the east-African country with the awarding of a mining concession that would pave the way for an expansion of its processing.
The extra gemstone inventory follows record monthly production at Montepuez of 27,131 carats last month.
Mustang said the growth in its inventory meant it would take twice as many carats as originally intended to an auction in Mauritius this month.
It said 42 global ruby buyers had registered for the tender running from October 27-30 with applications still coming in.
Montepuez sits next to the world’s biggest ruby deposit discovered by UK based Gemfields in 2012. Mustang says it is set to capitalise on strong global demand for ethically sourced rubies. It is the only publicly listed pure play ruby miner in the world with Gemfields having been taken over by South Africa’s Pallinghurst resources this year.
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