Mustang Resources has decided to close its office in Mauritius for the sale of Mozambican rubies and open one in Chanthaburi, Thailand, under a new strategy for the promotion and sale of the precious stones, the Australian company said in a recent statement.
The office in Mauritius was intended to organise large-scale auctions but, according to the statement, the company’s current level of production meant this no longer made sense, and the office in Thailand has lower costs and is a better fit for the company’s project for Mozambique.
This decision comes after a very disappointing ruby auction last November, which resulted in the sale of stones worth just US$713,000 when the company expected to raise over US$7 million.
The company also reported that the inventory of 333,184 carats stored in both Mauritius and Mozambique has been transferred to Chanthaburi, the “ruby capital of the world,” where it will be processed for sale under the new permanent marketing strategy.
The Montepuez Ruby project in the Mozambican province of Cabo Delgado consists of four licenses covering 19,300 hectares adjacent to the largest ruby deposit in the world, operated by London-based Gemfields.
The company also has a controlling stake in two diamond exploration licenses along the Save River in central Mozambique, downstream of the Murowa and Marange diamond fields in Zimbabwe.
Alongside this, Mustang Resources holds the exploration rights on graphite near large deposits discovered by Syrah Resources and Triton Minerals. (macauhub)