PERTH (miningweekly.com) – Ruby miner Mustang Resources has exceeded its first auction target.
The miner on Tuesday reported inventory levels of 277 000 ct, which meant that Mustang is on track to exceed its 300 000 ct target for its maiden tender in October.
MD Christiaan Jordaan said the rising production rates and inventory coincided with strong interest in the tender from ruby customers around the world.
“The planets are aligning perfectly for our maiden tender. We have exceeded our most optimistic inventory targets and all the feedback we are getting points to strong demand for rubies among global customers.
“Our tender inventory will be significantly higher than we had expected, opening the door to increased sales and revenue for the company.”
Jordaan said that the increased inventory would also assist in attracting leading ruby buyers from around the globe, who were looking at critical mass to meet strong demand.
Mustang is producing rubies from its Montepuez project, in Mozambique, where the first ruby was recovered in July last year.