PERTH (miningweekly.com) – Ruby miner Mustang Resources has reaped its first dividends from its recently implemented sales and marketing strategy, with the first ruby sales from its new marketing office in Thailand.
The company on Wednesday reported that 18 228 ct of rubies were sold, at an average price of A$12.67/ct, generating revenues of A$230 953 in the first month of operation.
Since September last year, total sales of around A$1.76-million have been achieved through the sale of 395 374 ct, at an average price of A$4.44/ct.
“I am very pleased to report that sales have now commenced from our newly established marketing office in Thailand and that we are already receiving strong levels of interest from well-known international jewellery brands and groups who would like to source responsible and ethically mined rubies from our Montepuez operation,” said Mustang MD Bernard Olivier.
“The first sales from our Thailand office further demonstrates that Mustang’s strategy to establish Montepuez as a world-class ruby project is progressing on track.”
Mustang took the decision in March this year to close its Mauritius sales facility in lieu of a sales office in Thailand. The new facility is smaller and lower-cost then its Mauritian counterpart, and was more in line with Mustang’s emphasis on project and ruby market development, as well as ongoing market research.
“Moving forward, we will be conducting sales from material extracted from our ongoing exploration activities on a regular and ongoing basis and intend to report sales predominantly on a quarterly basis to the market,” Olivier said.