A successful production ramp-up has put ASX-listed Mustang Resources on track to offer more than 300 000 cts at its maiden tender next month.This means the Mustang Resources inventory is set to comfortably exceed 300 000 carats by the time of its maiden tender, which will be held over four days from Friday 27 October to Monday 30 October in Port Louis, Mauritius.
This compares with Mustang Resources' initial goal of accumulating a 200 000-carat inventory in time for the auction.
The substantial growth in the inventory stems from record production rates at Mustang Resources' Montepuez ruby project in Mozambique and strong results from the company’s artisanal miner development program following the implementation of “bushman jigs” and sorting tables.
Mustang Resources MD Christiaan Jordaan says the rising production rates and inventory coincided with very strong interest in the tender from ruby customers around the world.
“The planets are aligning perfectly for our maiden tender,” enthuses Jordaan.
“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.
“The increased inventory will also help attract leading ruby buyers from around the world, who are looking for critical mass as they seek to meet the strong demand for these stones.”
Feature image credit: Wikimedia