Mustang Resources intends to take 405 000 ct to its maiden public tender, slated for end of month in Mauritius.
The parcel will more than double the original target of 200 000 ct set by the company.
“We originally set an aspirational target of 200 000 ct and we have now doubled it.”
“This is a pivotal result because it demonstrates the quality of our project and its enormous potential,” said Christiaan Jordaan, Mustang Managing Director.
“It is increasingly clear that Montepuez can generate production and cash-flow on a much greater scale. We also believe that our upcoming exploration programme will establish that we can sustain increasing production over a considerable number of years.”
So far a total of 42 ruby buyers from around the world have registered for the maiden tender.
Mustang also intends to make upgrades to its processing plant at the Montepuez operation, which will include the installation of an optical sorter to the existing plant, as well as the procurement of a new 300 t/h jig plant that will also have an optical sorter installed to increase recoveries and plant operating efficiencies.
According to the company the expansion is expected to increase the available processing capacity at Montepuez from 432 000 t/y to two-million tonnes a year.
The new plant and upgrades will be installed and commissioned in July of next year, ensuring that Mustang will have sufficient capacity to target one-million carats of ruby sales in the 2018 calendar year, through two tenders.
Meanwhile the company has planned three tenders are for 2019.