R/€ = 16.34 Change: -0.18
R/$ = 14.42 Change: -0.18
Au 1190.28 $/oz Change: -4.64
Pt 796.00 $/oz Change: -9.07


Mustang to raise A$2.4m in private placement

By: Marleny Arnoldi     13th August 2018 ASX-listed Mustang Resources will raise about A$2.4-million through a private placement to advance its Caula vanadium/graphite project, in Mozambique, and for general working capital. Of this amount, A$2.18-million will be raised through the issue of about 158.6-million shares at $0.01374 apiece.  

Fura Gems to acquire another ruby prospecting licence in Mozambique

By: Marleny Arnoldi     30th July 2018 Gemstone mining company Fura Gems has entered into a share purchase agreement with Azores Overseas to acquire a ruby prospecting licence in the Montepuez district of Cabo Delgado province, in Mozambique. Fura president and CEO Dev Shetty said the company is pleased to further consolidate its... 

Mustang reports maiden resource at Caula

By: Esmarie Swanepoel     20th July 2018 ASX-listed Mustang Resources has reported a maiden Joint Ore Reserves Committee compliant resource of 22-million tonnes, at 0.37% vanadium pentoxide at its Caula vanadium-graphite project, in Mozambique. The Caula project is currently estimated to host some 81 600 t of vanadium pentoxide.  

Fura to expand its Mozambique ruby holdings; considering an LSE listing

By: Anine Kilian     16th July 2018 TSX-V-listed gemstone producer Fura Gems has entered into an agreement to acquire an interest in nine ruby assets in Mozambique from ASX-listed Mustang Resources and Regius Resources Group for A$15-million, or about C$14.6-million, in cash and shares. Upon closing of the acquisition, Fura, which... 

Mustang Resources finds more high-grade vanadium at Moz project

8th June 2018 Emerging multicommodity miner Mustang Resources’ latest assay results for the Caula vanadium/graphite project in northern Mozambique continue to underpin a strong economic outlook for the project, with the miner noting that a maiden vanadium resource is due soon. Mustang Resources announced last... 

Mustang marches on with ruby strategy

By: Esmarie Swanepoel     26th April 2018 Ruby miner Mustang Resources recovered 29 069 ct from its Montepuez operation, in Mozambique, during the three months to March. The ASX-listed company said on Thursday that some 43 940 m3 of stockpiled material was recovered from Montepuez during the quarter, with an average grade of 0.42 ct/t,... 

Mustang discovers new deposit at Montepuez

By: Esmarie Swanepoel     17th April 2018 Ruby miner Mustang Resources has reported the discovery of a significant new ruby deposit at its Montepuez project, in Mozambique. The ASX-listed company on Tuesday told shareholders that the new ruby-bearing gravels were discovered some 3.5 km directly south-west from Mustang’s 200 t/h... 

Mustang makes first sale from Thai office

By: Esmarie Swanepoel     11th April 2018 Ruby miner Mustang Resources has reaped its first dividends from its recently implemented sales and marketing strategy, with the first ruby sales from its new marketing office in Thailand. The company on Wednesday reported that 18 228 ct of rubies were sold, at an average price of A$12.67/ct,... 

Caula to produce by 2019 – Mustang

By: Esmarie Swanepoel     15th March 2018 A strategic review into the Caula graphite and vanadium project, in Mozambique, has found that the project could produce its first product by mid-2019. ASX-listed Mustang Resources told shareholders that the review also established that the Stage 1 Caula project would produce vanadium... 

Mustang closes Mauritius sales office, opens Thailand facility as part of new marketing process

By: Schalk Burger     6th March 2018 ASX-listed Mustang Resources on Tuesday announced that it was changing its ruby sales and marketing approach for rubies sourced from its Montepuez ruby project, in Mozambique. It would close its sales facility in Mauritius, as these were designed for large-scale auctions, which were no longer... 

Mustang upgrades another exploration licence to mining concession

By: Creamer Media Reporter      1st March 2018 he Mozambique government has issued Australia-listed Mustang Resources a new mining concession on a crucial section of its Montepuez ruby project. Exploration licence 8245L was upgraded to mining concession 8955C and forms an integral part of the Montepuez project. The majority of the bulk... 

Richland appoints new CEO, to review sapphire operations

By: Mariaan Webb     5th February 2018 Aim-listed Richland Resources has appointed Anthony Brooke as its new CEO, succeeding Bernard Olivier who resigned last month to take up the CEO position of Mustang Resources. Brooke has previously acted as VP of marketing and sales for Richland’s Capricorn Sapphire business and has been... 

Bernard Olivier appointed as Mustang MD

By: Megan van Wyngaardt     15th January 2018 ASX-listed Mustang Resources has appointed' Dr Bernard Olivier to its board as MD, and has created a new position of COO, which is filled by Cobus van Wyk. Olivier has stepped into the position that Christiaan Jordaan vacated in November. 

Mustang secures A$19.95m from US investor for Mozambique mines

By: Megan van Wyngaardt     8th January 2018 ASX-listed Mustang Resources has secured A$19.95-million in funding from US institutional investor Arena Investors and announced a rights issue to further advance its projects in Mozambique. Arena has agreed to invest the funding through an unsecured convertible note facility, to be drawn down in... 

Mustang announces outcomes of ruby strategy review

By: Esmarie Swanepoel     16th November 2017 Ruby miner Mustang Resources will implement a number of measures to fine tune its operational strategy, including temporarily suspending the artisanal miner development programme (AMDP) following disappointing results from its maiden tender. Mustang earlier this month launched a review into the... 

Mustang MD steps downs

By: Esmarie Swanepoel     13th November 2017 The MD of ruby miner Mustang Resources, Christiaan Jordaan, has handed in his resignation, effective immediately. The company on Monday told shareholders that Jordaan’s decision to resign was a personal one, and had reluctantly been accepted by the company’s directors. 

Mustang to review strategy following disappointing maiden tender

By: Esmarie Swanepoel     7th November 2017 Ruby miner Mustang Resources has announced a review of the future of its operational and marketing strategies, following disappointing results from its first ruby tender. The ASX-listed company confirmed that it was undertaking a detailed assessment of the market intelligence gathered from its... 

Maiden graphite resource lifts Mustang share price

By: Esmarie Swanepoel     6th November 2017 The share price of ruby miner Mustang Resources clawed back some ground on Monday after the company announced a maiden inferred mineral resource for its Cuala graphite project, in Mozambique. The project is estimated to host an inferred mineral resource of 5.4-million tonnes, at 13% total... 

Mustang to delay Montepuez plant upgrade to focus on second ruby tender

By: Creamer Media Reporter      1st November 2017 ASX-listed Mustang Resources will delay the planned plant upgrade at its Montepuez ruby mine, in Mozambique, which will reduce the company’s expenditure and allow it to focus on preparations for its second tender. This decision was taken following the conclusion of a maiden tender, held from... 

Mustang maiden tender swells to 405 000 ct

By: Esmarie Swanepoel     24th October 2017 Ruby miner Mustang Resources this week announced that it would take 405 000 ct to its maiden public tender, which will start on October 27. This is more than double the original target of 200 000 ct. 

Mustang granted Montepuez mining concession

By: Creamer Media Reporter      10th October 2017 The Mozambique Minerals and Energy Ministry has granted ASX-listed Mustang Resources a mining concession for its Montepuez project. The concession is valid until September 2042 and paves the way for the company to increase its processing capacity, as planned, following its maiden tender. 

Despite lower valuation, research firm provides favourable update for Mustang

By: Ilan Solomons     29th September 2017 Australian and US investment research firm Independent Investment Research (IIR) has updated its valuation for ASX-listed junior miner Mustang Resources, with this resulting in a slightly lower base case 12-month price target of $85-million, or $0.16 a share, a 225% premium to the current price.... 

Security guard killed, rubies stolen in Montepuez break-in

By: Esmarie Swanepoel     26th September 2017 Ruby miner Mustang Resources on Tuesday reported the death of a security guard at its Montepuez project, in Mozambique, along with the theft of around 19 000 ct of rubies and portable office equipment. The company was working with local communities, police and the government to find those... 

Mustang beats tender targets

By: Esmarie Swanepoel     12th September 2017 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. 

Montepuez has record ruby month

By: Esmarie Swanepoel     4th September 2017 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 raises A$8.5m from US backer

By: Esmarie Swanepoel     20th July 2017 Ruby miner Mustang Resources has secured A$8.5-millin in funding from US institutional investor Arena Investors under a convertible note facility. The financing will be drawn down in four tranches, with the first A$1.7-million received on the signing of a convertible note deed. A second tranche... 

Mustang on track to sell 200 000 ct of rubies in October

By: Megan van Wyngaardt     28th June 2017 ASX-listed Mustang Resources’ ruby inventory has grown to 120 397 ct, paving the way for the company to meet its 200 000 ct target in time for its first closed bid tender, in October this year. The growing inventory reflects in part the successful commissioning of the upgraded processing plant at... 

Ruby project ramps up production

9th June 2017 Having completed the commissioning of its relocated processing plant, miner Mustang Resources reports that it continues to focus on secondary deposits, as part of its strategy to ramp up production at the Montepuez ruby project, in Mozambique. In August last year, Mustang announced that it had... 

Mustang positive about Moz ruby licence

By: Megan van Wyngaardt     7th June 2017 ASX-listed Mustang Resources has taken another significant step in its strategy to ramp-up processing at the Montepuez ruby project, in Mozambique, with the start of bulk sampling on licence 8245L, in which Mustang recently acquired a 65% interest from Regius Resources. The miner considered the... 

Research firm sees Montepuez ruby field becoming consistent, stable source of rubies

By: Ilan Solomons     2nd June 2017 Australian and US investment research firm Independent Investment Research (IIR) has completed a valuation for ASX-listed junior miner Mustang Resources resulting in a base case 12-month price target of $89-million, or $0.169 a share. IRR says that 80% of this is based on a risk discounted cash... 

Mustang hopes for more ruby sales in October

By: Esmarie Swanepoel     31st May 2017 Ruby miner Mustang Resources is on track to store some 200 000 carats 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... 

Mustang changes course with ruby sales

By: Esmarie Swanepoel     28th April 2017 ASX-listed ruby miner Mustang Resources has revised its sales strategy, telling shareholders on Friday that it intended to sell the first rubies from its rapidly growing gem-ruby inventory as rough stones at an auction to bulk buyers in October. The company’s decision shifted away from initial... 

Ian Daymond

By: Martin Creamer     14th April 2017 This week we feature Ian Daymond, nonexecutive chairperson of Mustang Resources, a company engaged in ruby and graphite exploration and development in Mozambique 

Mustang lists on Frankfurt exchange

By: Esmarie Swanepoel     27th March 2017 ASX-listed Mustang Resources has listed on the Frankfurt Stock Exchange, trading under the stock symbol GGY, as a result of the growing interest among European investors, in the Montepuez ruby and Caula graphite projects, in Mozambique. Mustang on Monday told shareholders that its ruby inventory... 

Australian miners issue encouraging reports from their African operations

By: Keith Campbell     17th March 2017 Australian junior mining companies active in Lusophone Africa have reported good news from both Angola and Mozambique. The companies concerned are the Lucapa Diamond Company, operating in Angola, and Mustang Resources, active in Mozambique. Lucapa has announced that total diamond sales to date... 

Mustang’s shares rise on high-grade Mozambique graphite discovery

By: Anine Kilian     6th March 2017 Australian ruby miner Mustang Resources’ share price on the ASX surged on Monday morning, after the company announced it had made a high-grade graphite discovery at its Caula project, in Mozambique. “This high-grade graphite will enable us to generate a top-quality product at a relatively low... 

Mustang acquires 65% stake in another Moz licence

By: Esmarie Swanepoel     28th February 2017 Ruby miner Mustang Resources has acquired a 65% interest in a new ruby licence that borders its existing Montepuez project, in Mozambique, for 30-million of its own shares and $100 000 in cash. Artisanal miners are reportedly recovering large, high-quality rubies from the licence area, which is... 

Mozambique’s ruby sector advances

By: Keith Campbell     3rd February 2017 Mozambique’s ruby mining sector continues to develop, with Australia-domiciled Mustang Resources announcing in late January that it had despatched its first commercial parcel of the precious stones from its project in that country to the US. This parcel contained 6 221 carats of rubies, of which... 

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