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FINALISED: 20-07-17 PUBLISHED: 21-07-16
MUS to Emerge as the World’s Only Listed Ruby Miner

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Backed by the well-cushioned and growing luxury goods market, demand for rubies is on the rise.
Consumer demand for polished rubies has caused the price of the gemstone to rise by 63% over the past eight years, as current supply levels fail to meet consumer demand.
Few understand the fiery power of rubies as well as emerging gemstone developer and producer, Mustang Resources Limited (ASX:MUS).
With ruby supply from sources outside Mozambique becoming increasingly fractured and unreliable, MUS stands to tap into the current growing global demand for ethically produced rubies by becoming a reliable, consistent supplier.
MUS is currently one of only two listed ruby miners in the world, and the only one listed on the ASX.
Although that looks set to change with £171 million-capped Gemfields PLC (AIM:GEM) announcing that it wants to delist from the London exchange.
That will leave MUS as the only listed ruby producer globally, and the only choice for share market investors at this time.
The delisting of Gemfields, the potential for MUS, plus the opportunities in China were examined in the AFR recently.
Suffice to say, the gemstone ducks look to be lining up nicely, especially as it now has Arena Investors LP, as a major institutional investor.
Arena has more than US$600 million in assets under management and has committed to invest A$8.5 million in MUS under a convertible note facility.
It is a major major milestone for MUS and removes any doubts that the company has enough capital to move it towards its major sales in October.
However, before we go too far, it should be noted that for political and social reasons, this is a very high-risk stock. Running mining projects in countries such as Mozambique is no simple feat, and there may be challenges ahead.
MUS’s story is also a study in ‘nearology’. The company’s Montepuez project in northern Mozambique is a matter of kilometres from Gemfields larger ruby project.
Gemfields latest auction of commercial, medium and high-quality stones sold 895,848 carats at an average price of US$61 per carat, with record auction revenue of US$54.8 million.
Currently valued at a tiny $31 million, MUS is flush with a series of recent milestones and is poised for rapid growth, especially in relation to its own planned auction scheduled in October – just a few months from now.  
MUS’s ruby inventory has skyrocketed to 132,000 carats, positioning it very comfortably on schedule to meet its target of 200,000 carats in time for its first closed bid tender in October.
This rapid inventory growth partly owes to the success of an upgraded processing plant at the company’s Montepuez project.
MUS has also announced a significant new secondary ruby discovery on its recently acquired licence, three kilometres southeast of the upgraded processing plant, with an initial bulk sample of 5,692 cubic metres, delivering 4,445 carats of gem quality rubies.
Compellingly, 99% of high-quality stones are found via secondary ruby deposits in Mozambique, so MUS has an excellence chance of happening upon a promisingly high-value resource.
If that’s not enough sparkle and glitter for one ASX company, there’s also a sizeable chunk of upside in MUS’s Caula graphite project, rounding out its portfolio via a shallow, high-grade graphite deposit.
With very few ruby miners around to satisfy increasing demand in Asia, especially in relation to the luxury goods and jewellery market, micro-sized MUS has a distinctive twinkle in its eye.