Mustang acquires 65% stake in another Moz licence
PERTH (miningweekly.com) – Ruby miner Mustang Resources has acquired a 65% interest in a new ruby licence that borders its existing Montepuez project, in Mozambique, for 30-million of its own shares and $100 000 in cash.
Artisanal miners are reportedly recovering large, high-quality rubies from the licence area, which is located only 3 km from Mustang’s plant site and its Alpha ruby deposit, and lies adjacent to London-listed Gemfields' licences.
Mustang MD Christiaan Jordaan said on Tuesday that the acquisition of the new licence was another important step in the company’s strategy to become a leading global supplier of rubies.
“We recently achieved our target of tripling the throughput rate on our bulk sampling and we now beat it regularly."
Further, the cutting and polishing of rubies sent to the US earlier this year was well advanced, with Jordaan saying that these near-term sales would enable the company to value its rubies and were a key input into feasibility studies.
Following the completion of environmental permitting on the new mining licence, Mustang will immediately start a prospecting programme to determine a preferred location to open a bulk sample pit. The company can then start processing gravels from the priority areas identified, further enhancing the current bulk sampling programme and ruby sales planned for this year.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation