Mustang Resources places Mozambican rubies in US market

23 January 2017

Australian company Mustang Resources has shipped its first commercial batch of rubies from the Montepuez mine in northern Mozambique to the United States, the company said in a statement released on Friday.

The company also said that the first batch of 6,221 carats (1,244 grams) was sent to customers such as cutting and polishing company Meg Berry and several jewellers in California.

The lot, said Mustang Resources, included five special gems, with a combined weight of 75 carats and two rubies of 24 carats each, which the company defines as rare.

The shipment of this first batch will allow the Australian company to gather more opinions on the potential value of rubies from Montepuez and on improving marketing strategies in order to get the best value possible.

The Montepuez Ruby Project consists of three licenses covering 15,800 hectares adjacent to the largest deposit of rubies in the world, operated by Gemfields, a company based in London.

Mustang also has a majority interest in two diamond exploration licenses along the Save River in central Mozambique, downstream of the diamond fields of Marange and Murowa in Zimbabwe.

Alongside this, Mustang Resources owns the rights to exploration of graphite near large deposits discovered by Syrah Resources and Triton Minerals. (macauhub)