Stellar Diamonds Upbeat As Losses Decline

Mining and Exploration
25/11/2015 08:57

The firm has recorded its first revenues from mining, as trial production takes place at Baoule in Guinea. The explorer's income in the year to June was $614,000, while losses fell to around $4.5 million due to a sharp reduction in administrative costs. CEO Karl Smithson said the mine plan and financial model for Tongo was strong. “The independent PEA outlines an 18-year life of mine at a modest capital requirement of $24.8 million, which is expected to deliver robust revenues at a high margin. A number of diamonds have achieved high prices with a 10-carat fancy yellow stone fetching $6,800 per carat, which indicates the high value potential of the diamonds contained in the Baoulé pipe.”