Mustang Resources has extracted more rubies than expected from the Montepuez mine in the northern Mozambican province of Cabo Delgado, the Australian mining company said in a statement.

The statement said that 277,800 carats of rubies have already been extracted and that the goal of 300,000 carats will be easily exceeded at the first auction of stones extracted in Mozambique, to take place over a four-day from 27 October in Mauritius.

Christian Jordaan, CEO of the company, said in a statement, “We have exceeded our most optimistic forecasts and the information we are receiving points to a very strong demand for rubies on a global scale.”

Mustang Resources has four mining licenses covering an area of 19,300 hectares, which are adjacent to the world’s largest ruby deposit operated by Montepuez Ruby Mining, a 75% controlled partnership of Gemfields and the remaining 25% by Mozambican company Mwiriti, Lda.

Previous articleBalama concession graphite sold to Chinese
Next articleSmall scale gold panning authorized in Zambia