Mustang rethinks marketing strategy

RUBY producer Mustang Resources has decided to close its sales facilities in Mauritius in favour of opening one up in Chanthaburi, Thailand.

Mustang rethinks marketing strategy Mustang rethinks marketing strategy Mustang rethinks marketing strategy Mustang rethinks marketing strategy Mustang rethinks marketing strategy

The decision has come after a review of its sales and marketing strategy by recently appointed managing director Bernard Olivier.

It is one of a series of measures to better reflect the current exploration and development status of the Montepuez ruby project in Mozambique, Mustang said.

It said the Mauritius facilities had been designed to enable the company to undertake large-scale auctions, but were no longer suitable considering its current production levels.  

The company took 405,000 carats to its maiden rough ruby tender in Mauritius, which took place October 27-30, 2017. Mustang only managed to sell eight bid schedules totalling 29,463ct, while the remaining 13 did not reach the reserve price and were held over.

Gross sales proceeds of...