The Australian mining company "Mustang Resources" announced that the company in the northern part of Mozambique, Del **riel province Montepuez mine rubies, will be more than expected.
The ruby has so far reached 277,800 karats from the Montepuez mine, and it is expected that the total output of Mozambique's ruby is expected to exceed the original target of 300,000 karats on 27 October (in Mauritius).
"Production has gone beyond our most optimistic expectations," said Christian Jordaan, chief executive officer of Mustang Resources, in a statement. "The data show that global ruby demand is growing."
Mustang Resources has four mining licenses in Mozambique. The mine covers a total of 19,900 hectares and is adjacent to the world's largest ruby mine, which is owned by the "Montepuez Ruby Mining" (Gemfields 75%, Mtiriti, Mozambique) right.
MUS Price at posting:
9.6¢ Sentiment: Buy Disclosure: Held
