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Mustang's ruby inventory swells past expectations

Mustang's maiden ruby tender is now just a fortnight away.

Rubies from Montepuez

Mustang Resources Ltd (ASX:MUS) holds the unique position as the only listed ruby producer, and now the company is set to monetise its product.

Mustang's ruby inventory has grown strongly to 352,260 carats, and the company is set for its maiden auction in a fortnights time.

WATCH NOW: Mustang Resources' to monetise rubies at maiden auction

The company had originally planned to tender 200,000 carats.

More than 40 leading global ruby buyers have officially registered for the tender with additional applications still being received.

Investors are also embracing the Mustang story, with shares up another 18.2% today to $0.13. This valuation change has the company nudging three-bagger status in the past eight weeks.

Ruby mining

Mustang mines rubies from its Montepuez Ruby Project in Mozambique.

The company's pending auction will define the value range for rubies within each of its grading categories and be a key indicator of the long-term commercial viability of the Montepuez Project.

Mustang’s discussions with key rough ruby buyers have predominantly been from Thailand, India, Sri Lanka, Hong Kong and Europe.

Mustang secures 25-year tenure

Mustang’s strategy is to establish strong, sustainable production and cashflow - which has been underpinned through the grant of Mining Concession 8921C by the Ministry of Minerals & Energy.

This concession is the first Mining Concession granted to the company at Montepuez and is valid until 13 September 2042.

It replaces exploration and prospecting licence 4143L and secures a 25-year tenure, thereby paving the way for planned processing capacity increases following the maiden tender.

Quick facts: New Energy Minerals Ltd

Price: 0.007 AUD

Market: ASX
Market Cap: $1.2 m

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