Newfield Resources Enters Sales Agreement with DelGatto Diamond Finance Fund

Finance and Trade

Newfield Resources has entered into an asset purchase and sales agreement with DelGatto Diamond Finance Fund (DDFF) for an initial amount of $1.2-million (before costs), payable within 12 months from future diamond sales, to assist with the continued development of the company’s Tongo diamond mine, in Sierra Leone, and for general working capital.
Newfield took over Tongo in March 2018 when it acquired London-based Stellar Diamonds for $23.6m. Before that the mine was owned by Israeli diamantaire Beny Steinmetz, through Koidu Holdings, in which he held a controlling stake.
The company held its first diamond sale in May 2022, in an exclusive sales and marketing agreement with Bonas, in Antwerp, and achieved an average price of $262 per carat. Newfield said the DDFF funding “deal gives the company the further capital to continue our Tongo diamond mine development, increase our production, and maximise value for our investors.”
“We found DelGatto to be knowledgeable and flexible to our requirements and look forward to a long-term relationship with DDFF,” says Newfield executive director Karl Smithson. DelGatto Diamond Finance, through its flagship fund, the DDFF, provides flexible financing structures for diamond companies along the entire supply chain.

Source: Newfield Resources Ltd.
Photo Credit: Newfield Resources Ltd.