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Mustang Resources’ inaugural Ruby auction disappoints bidders
Inaugural auction had 400,000 carats on offering in 110 slots
By: Diamond World News Service
Oct 29 2017 12:03PM
Reference: 15749  


Mustang Resources (MUS) was touted to be the next biggest supplier of ethically mined rubies with its maiden auction being held from 27 - 30 October 2017 in Port Louis, Republic of Mauritius.

However, the news coming from the Day 1 of the auction does not seem to be all positive. The company had 400,000 carats on offering. In all, 110 lots were offered on 21 tables and 40 companies participated in this acution.

One of the disappointed participant said, “Inaugural MUS’ Montepuez Ruby Project disappointed bidders as quality of rough was very low.”

"Goods are not graded, it’s really of low quality. As per estimate, goods worth US$ 500,000 are only expected to sell. It was very unprofessionally managed, too. A much hype of second contender in ruby auction business seems to have nosedived,” said another participant on condition anonymity.

Following the delisting of Gemfields, MUS was to said to emerge as the only listed ruby miner in the world.

Besides, with Chinese consumers opening up to be the new potential market for gemstones was said to be very helpful to MUS to gain an important supplier’s position.

MUS had a lot at stake with the inaugural auction as the company’s expansion plans are afoot. The expansion is expected to increase the available processing capacity of Montepuez from ~432,000tpa to ~2Mtpa. The new plant and upgrades to the existing plant are expected to be installed and commissioned by July 2018, ensuring the Company has sufficient capacity to target 1,000,000 carats of ruby sales in CY2018 via two tenders.

Disclaimer: Publisher/Reporter has no intention to misreport/represent false facts. Report has been filed on the basis of inputs from market sources.

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Tibor Bode
Quick update. MUS share price collapsed today after Monday bleeding and lots of people who trusted the company management now ruined or suffering very heavy losses. This entire thing started with this article. I would like to ask how is it possible that the person who wrote the article knew the auction result on Saturday " As per estimate, goods worth US$ 500,000 are only expected to sell." which supposed to finish on Monday morning Mauritian time? That is a either a real future fortune taller talent - may I have this Saturday Lotto number please, give you 10 percent - or maybe something more sinister is going on. would he /she be willing to reveal the source of the information?
Tibor Bode
If you think this is a fair and factual reporting, you are living in dream world. This is version no ???? keep changing every time I read it. The article is biased, states hear says not facts, and bordering on manipulation, but guess maybe this is how you like to run your business. Just do selective reporting of the facts as it suits to your or whoever engaged your services requirements.
Harry Spinks
Why the critique rom Tibor .something smelly here ?? Mustang shares sliding for a few days despite Teasers over many weeks/months .Is there a gigantic con or stuff up ??? Are supposed experts babes in the woods or up against an Established power
Tibor Bode
Harry Spinks, as I cannot reply to you here I am responding to your reply. This entire article is biased, one sided, reminds me of today's junkyard journalism. After today I am very suspicious that it was written is part of an manipulation of the share price of the Mustang Resources share price, which has dramatically declined today and lots of references were made to this article, until the stock was suspended. As the auction has finished we will know the exact result tomorrow morning and the financial result can put this article to its rightful place, to the rubbish bin. It is one of the least professional one I have ever seen, was changed a couple of times after was contained several errors, selected and photoshopped the picture - we managed to get what the real picture without photoshopping looks like - formed a false and miss leading opinion and presented it as a fact about one types of ruby what was on sale - extra large size, which is very rare - and did not say
Nam Vo
How can "Diamond World" a reputable site like this publish an article subjecting a company to negativity but fail to stated the author or properly able to load the image to the article
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