Mustang Resources ruby production exceeds expectations

Company News

by Jessica Ellerm


Mustang Resources (ASX: MUS) has announced its ruby inventory has soared to nearly 278,000 carats off the back of record production rates at its Mozambique site.

The companies artisanal miner development program also delivered, following the implementation of ‘bushman jigs’ and sorting tables.

The increase puts the company on track to reach 300,000 carats before it maiden tender, due to be held in Mauritius in late October.

Mustang's Managing Director indicated rising production rates alongside strong demand for rubies among global customers would open the door to increased sales and revenues for the company.

The company hopes to attract leading ruby buyers from across the world, who are looking for critical mass to meet demand.

Shares in Mustang Resources (ASX:MUS) last traded 10% higher at $0.10.

 

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.