Mustang Resources has posted a positive production for august from its Montepuez project.

The company said its inventory for its maiden auction in October stood at 176 500 ct, with 15 613 ct delivered during August.

Christiaan Jordaan, Mustang Managing Director said that the ramp-up of the Montepuez processing plant had been highly successful, with Mustang’s target of 200 000 ct to auction being well within reach.

“We had some initial challenges with the commissioning and ramp-up. However, after resolving these teething problems, we have made outstanding progress and can now demonstrate the impressive production capacity of Montepuez.”

Advertisement

Jordaan said that the company had been overwhelmed by interest from international ruby buyers, with the demand for rubies exceeding supply in many grades, which boded well for the forthcoming tender.