Mustang well on track to hit its target of 200,000cts ahead of maiden auction in October
Ruby Inventory Rises to 176,500cts Following a Record Month of Production
Sydney, Sep 4, 2017 AEST (ABN Newswire) - Mustang Resources (
ASX:MUS) (GGPLF:OTCMKTS) is pleased to announce that preparations for the maiden auction of its rubies in October are firmly on track, with its inventory rising to 176,522 carats.
The latest increase follows a record month of production in August, during which the plant at the Montepuez project in Mozambique delivered 15,613 carats from the 34,561 tonnes processed.
The successful ramp-up of the processing plant means Mustang is comfortably within reach of its 200,000-carat target for its inaugural rough ruby tender, which is scheduled for 27 - 30 October 2017 in Port Louis, Republic of Mauritius.
Mustang Managing Director Christiaan Jordaan said the Company had also received strong inquiries and support from the industry in respect of the tender.
"We have been overwhelmed by the interest shown by leading ruby buyers from around the world," Mr. Jordaan said.
He said the ramp-up of the processing plant had been highly successful, as shown by the record production recorded in August.
"We had some initial challenges with the commissioning and ramp-up, however after resolving these teething problems we have made outstanding progress and can now demonstrate the impressive production capacity of Montepuez."
Mr. Jordaan said Mustang expected to generate strong ongoing interest in the tender when he attends trade fairs in Bangkok and Hong Kong in coming weeks.
"The interest in our tender from major rough ruby buyers has been outstanding and they are highly supportive of our entry into the market as a ruby supplier," he said.
"We are also delighted to see the strong prices which Gemfields received at its latest auction in June this year, which was a record for them and for Mozambique.
"Gemfields netted US$54.5 million from 900,000cts at an average of US$61/ct and the number of participants was higher than previous auctions.
"The feedback we have received is that demand for rubies exceeded supply in many grades, which augurs very well for our forthcoming tender."
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About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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