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Mustang granted 1st mining concession at Montepuez ruby project

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Mustang granted 1st mining concession at Montepuez ruby project

Mustang Resources Ltd. was granted mining concession 8921C, the first concession granted to the company at its Montepuez ruby project in Mozambique.

The mining concession is valid until Sept. 13, 2042, and will replace exploration and prospecting license 4143L.

Meanwhile, the company said Oct. 10 that its ruby inventory has increased to 352,260 carats as it nears its maiden rough ruby tender, planned to be held between Oct. 27 and Oct. 30 in Port Louis, Mauritius.

Mustang achieved a new production record in September, recovering 27,131 carats by processing 47,160 tonnes.

The company noted that 42 global ruby buyers from Thailand, India, Sri Lanka, Hong Kong and Europe have officially registered to take part in the tender.