PERTH (miningweekly.com) – Ruby miner Mustang Resources has reported a record month of production during August, from its Montepuez project, in Mozambique.
The ASX-listed company said on Monday that its inventory for its maiden auction in October stood at 176 500 ct, with 15 613 ct delivered during August.
Mustang MD Christiaan Jordaan said that the ramp-up of the Montepuez processing plant had been highly successful, with Mustang’s target of 200 000 ct to auction being well within reach.
“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.”
Meanwhile, Jordaan said that the company had been overwhelmed by interest from international ruby buyers, with the demand for rubies exceeding supply in many grades, which boded well for the forthcoming tender.