With Funding Approved, Tongo Construction Set To Commence

Mining and Exploration
26/07/2019 12:51

Following a positive Final Investment Decision (FID) for its flagship Tongo Diamond Mine Development in Sierra Leone, Newfield Resources says that construction is now set to commence. The company says it will complete it box cut excavation, and the first blasts for the underground portal entrance and decline construction are expected to occur over coming weeks. 

Consistent with the recently completed FEED Study development timeline, Newfield Executive Director, Karl Smithson says "we expect to be mining the first diamonds within 12 months of initial portal blasting." Newfield has binding agreements to issue two tranches of unlisted, unsecured corporate bonds totalling up to approximately US$30.5 million, which will deliver funding to commence development at Tongo.