(Ecofin Agency) - ASX-listed Mustang Resources, headed by Bernard Olivier, announced yesterday March 1 that it achieved a milestone in its strategy to make Montepuez a world-class ruby project, by converting an exploration permit into a mining concession.

Indeed, the Mozambican government granted the company the mining concession 8, 955C for the area previously covered by the prospecting and exploration license 8245L, which is part of Montepuez Ruby Project. The concession has a 25-years initial lifetime and will expire on December 5, 2042.

The majority of the ruby bulk sampling conducted by Mustang over the past seven months has been concentrated on the license 8245L. The company plans to complete an environmental impact assessment and the related land right of use within 3 years. The new mine should enter production 4 years after the concession is granted.