Rubies have always played second fiddle in the gemstone world to diamonds.
They are not quite as expensive and lack the same allure. But demand for the red gemstones is on the rise with the ruby price soaring over the past few years.
One ASX-listed junior is eyeing near-term cash flow and rapid expansion of its flagship ruby project in Mozambique.
Speaking at the Mining 2017 Resources Convention in Brisbane, Mustang Resources (ASX:MUS) managing director Christiaan Jordan said the company’s focus was its Montepuez ruby project, which had the potential to provide significant early cash flow.
Montepuez lies within the Montepuez Complex in the Cabo Delgado Province of northern Mozambique. It is in a good neighbourhood, located next to Gemfields PLC which has reported $US280 million of rough ruby sales from eight auctions since June 2014.
Mustang is on track for its first sales revenue with 200,000 carats auction of rubies in Mauritius in late October.
