London-based Citigate Commodities Trading Ltd., a commodities trading/brokerage firm specializing in rough diamonds, precious metals and bonny light crude oil has acquired a kimberlite diamond concession in Sierra Leone. Located adjacent to one of the country's largest diamond reserves, Citigate's extraction and mineral rights are spread over an area of 79 square kilometres to explore diamonds. This project is expected to complete its exploration activities and begin Kimberlite mining in 18 months. Citigate's vision is to tap into Africa's vast natural resources and help boost mineral export volumes between Africa, The Gulf Cooperation Council (GCC) and Asia. The company aims to capitalize on the new silk route and the diamond trading hub in Dubai. With the dwindling prices of oil, it is important for nations to diversify their economies, therefore, the need to fully explore the mining sector appears somewhat imperative.
This new project is aimed at linking its Dubai operation to Africa followed by the rest of the GCC countries, with its anticipated mass production and supply with Dubai being the gateway to the region. Mr. Tohib Iyiola, Director Middle East said, "Headquartered in the UK with operations in Europe, Asia, Middle East and Africa, Citigate are trade regulated by the Dubai Diamond Exchange. Diamonds are one of the minerals traded including Gold and other precious metals and gems etc. Therefore, the acquisition of kimberlite diamond concession in Sierra Leone is of great significance for us and will add enormous value to our existing portfolio of activities."