Mustang Resources (ASX: MUS) has announced that it will take a total of 405,000 carats to its maiden rough ruby tender later this week – more than double the 200,000 carats it initially targeted when setting the sale date.
This is an outstanding result, driven by the highly successful ramp-up of operations at the Montepuez Project in recent months and provides a valuable insight into the likely size of the inventory which will be offered for sale at the two tenders planned for CY2018. Three tenders are planned for CY2019.
From this week, all rubies recovered at Montepuez will be set aside for sale at Mustang’s first tender next year, which is expected to be held before July 2018.
A total of 42 leading ruby buyers from around the world have registered to attend this week’s tender, which will be held between 27 and 30 October 2017 in Port Louis, Mauritius. The buyers come from Thailand, India, Sri Lanka, Hong Kong, the United States and Europe.
Mustang will report the results of the tender when it is completed and the sales have been collated.
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