Highly successful production ramp-up puts Mustang on track to offer more than 300,000cts at its maiden tender next month compared with initial target of 200,000cts
Exceeds Auction Target as Inventory Hits 277,000 Carats
The outstanding result means Mustang's inventory is set to comfortably exceed 300,000 carats by the time of its maiden tender, which will be held over four days from Friday 27 October to Monday 30 October in Port Louis, Mauritius.
This compares with Mustang's initial goal of accumulating a 200,000-carat inventory in time for the auction.
The substantial growth in the inventory stems from record production rates at Mustang's Montepuez Ruby Project in Mozambique and strong results from the Company's artisanal miner development program (AMDP) following the implementation of "bushman jigs" and sorting tables.
Mustang Managing Director Christiaan Jordaan said the rising production rates and inventory coincided with very strong interest in the tender from ruby customers around the world.
"The planets are aligning perfectly for our maiden tender," Mr. Jordaan said. "We have exceeded our most optimistic inventory targets and all the feedback we are getting points to strong demand for rubies among global customers.
"Our tender inventory will be significantly higher than we had expected, opening the door to increased sales and revenue for the Company.
"The increased inventory will also help attract leading ruby buyers from around the world, who are looking for critical mass as they seek to meet the strong demand for these stones."
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
New Energy Minerals Ltd