ASX-listed Mustang Resources has realised maiden ruby sales totaling A$230 953 from the newly established sales and marketing office established in Chanthaburi, Thailand during March 2018.
This achievement is another key step in the implementation of Mustang Resources’ new sales and marketing strategy.
The new Thai office was opened following a comprehensive review of the company’s marketing and sales strategy, announced on 6 March 2018.
A total of 18 228 carats of rubies, predominantly in the lower and medium quality ranges, were sold for an average of A$12.67/carat.
Mustang Resources commenced larger-scale exploration activities on its Montepuez ruby project in Mozambique during H1 2017 and conducted its first sale of rubies generated from these exploration activities during H2 2017.
Total sales of A$1.23 million have been generated since September 2017 to date from the sale of 100 184 carats (across all categories including higher, medium and lower quality rubies) at an average price of $12.29/carat.
The establishment of the marketing and sales office in Thailand has already generated significant interest from well-known international jewellery brands and customers who met Mustang and visited the office.
The office enables Mustang to establish strong relationships with major jewellery brands and ruby customers who require product transparency, full supply chain assurance and consistent supply from a sustainable and responsible mining company.
Mustang intends to conduct regular sales and generate regular cash-flow from its Thai office as it continues to advance exploration and bulk sampling activities at Montepuez.
As at 10 April 2018, the company had a total ruby inventory of 329 309 carats available for sale.
“I am very pleased to report that sales have now commenced from our newly established marketing office in Thailand and that we are already receiving strong levels of interest from well-known international jewellery brands and groups who would like to source responsible and ethically mined rubies from our Montepuez operation,” says Mustang Resources MD Dr. Bernard Olivier.
“The first sales from our Thailand office, further demonstrate that Mustang’s strategy to establish Montepuez as a world-class ruby project is progressing on track.
“Moving forward, we will be conducting sales from material extracted from our ongoing exploration activities on a regular and ongoing basis and intend to report sales predominantly on a quarterly basis to the market,” Olivier concludes.