During the quarter, Mustang announced that it would take a total of 405,000 carats to its maiden rough ruby tender at the end of October 2017. This was more than twice the 200,000 carats it initially targeted when setting the sale date and was considered by the Company to be an outstanding result driven by the highly successful expansion of its exploration activities at the Montepuez Ruby Project.
Mustang conducted the maiden tender of its rubies between 27 and 30 October 2017 in Port Louis, Mauritius. The tender results were received by the Company at 8pm AEDT on Monday, 30 October 2017.
Eight Bid Schedules totalling 29,463 carats of rough rubies were sold at prices ranging from A$6 a carat to A$1,944 a carat. The average realised price was A$24.21/ct and gross sales proceeds of approximately A$713,456 were received. Bids for the remaining 13 Bid Schedules offered for sale did not reach their reserve prices and were held over for subsequent sale.
As the Company acknowledged at the time, the tender results were clearly disappointing, but it had gathered valuable market intelligence for future tenders.
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