Government has granted Mustang Resources a mining concession for its Montepuez project.

The minerals and energy ministry said the concession is valid until September 2042 and paves the way for the company to increase its processing capacity, as planned, following its maiden tender.

Meanwhile, Mustang’s ruby inventory has now increased to 352 260 ct.

The company now expects to take nearly double the initially planned

200 000 ct of rubies to its maiden tender, which will be held between October 27 and 30, in Port Louis, Mauritius.

International buyers from Thailand, India, Sri Lanka, Hong Kong and Europe have registered to participate in the tender.