Mustang hopes for more ruby sales in October

31st May 2017 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Ruby miner Mustang Resources is on track to store some 200 000 ct of inventory at its Montepuez project, in Mozambique, ahead of a planned auction in October.

The ASX-listed junior told shareholders that a current A$1-million plant upgrade has been highly successful, allowing processing grades to ramp up. The upgraded plant is designed to achieve a throughput rate of 250 t/h, with Mustang saying that it would initially operate the plant for one seven-hour shift a day.

This would enable the company to achieve or exceed its daily processing target, representing a 580% increase in throughput rates before the plant upgrade. It also meant that there was scope for substantial increases in processing rates by additional shifts in the future.

The increased throughput meant that Mustang was on track to build its ruby inventory to 200 000 ct ahead of a planned auction in October this year, giving the company the opportunity to potentially increase the volume of rubies available for sale.