Mozambique Mining: Mustang Resources marches on with ruby strategy
Ruby miner Mustang Resources recovered 29 069 ct from its Montepuez operation, in Mozambique, during the three months to March.
The ASX-listed company said on Thursday that 43 940 m3 of stockpiled material was recovered from Montepuez during the quarter, with an average grade of 0.42 ct/t, which was 13.5% higher than the average grade achieved in the fourth quarter of last year.
A total of 329 309 ct of rubies were available for sale at April 10, the company said.
During the quarter under review, Mustang advanced its new sales and marketing strategy, with the company implementing a number of measures to better reflect the current exploration and development status of the Montepuez project, including the establishment of a sales and marketing office in Thailand, while closing down the Mauritius office.
The revised marketing strategy will be based on the regular sale of rubies of all product categories to local and international customers.
Mustang has generated total sales of A$1.23-million since September last year, from the sale of 100 184 ct at an average price of A$12.29/ct.source: miningweekly.com
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