Stellar Diamonds and parent company Newfield Resources are on the verge of commencing development of their Tongo Diamond Project in Sierra Leone. When completed, it will be the second largest diamond operation in the country. The Diamond Loupe spoke with CEO of Stellar Diamonds and Executive Director at Newfield Resources Karl Smithson, first in Antwerp and again when he was on site in Tongo (“in the middle of the bush”) about the project, how it is progressing and what to expect going forward.
Stellar Diamonds and Australia's Newfield Resources (NWF) have reached agreement on the terms of a recommended all-share offer by Newfield to acquire the entire issued and to be issued share capital of Stellar, a deal worth an estimated $10.8 million. The Australian company will lend Stellar US$3 million to help it over its immediate short-term cash needs, while undertaking a right issue to raise A$30 million (US$23.6m) to re-finance the enlarged group. Stellar Diamonds' chief executive Karl Smithson recently spoke about the “extremely difficult” market for junior miners to raise new funds,
Stellar Diamonds PLC said Thursday it has finalised the tribute mining agreement and revenue share agreement with Octea Mining Ltd over the Tongo-Tonguma project in Sierra Leone. Stellar and Octea have agreed outstanding title opinions on the Tongo and Tonguma licences will be provided after payment of licence fees for the existing Tonguma licence, which Stellar will "shortly" fund. The licence has been approved by the Minerals Advisory Board of Sierra Leone, and the fee will be paid when Stellar gets funding, which it expects to receive as part of Newfield Resources Ltd's takeover of the c
Stellar Diamonds, a London-listed junior miner, is currently seeking funding for its Tongo-Tonguma diamond project in Sierra Leone, which it says will be the first major mining project since the Ebola crisis rocked the country’s economy.
Stellar Diamonds plc, a diamond development company focused on West Africa, has entered into a conditional binding Term Sheet with BDG Capital Limited (“BDG”) in relation to the proposed sale of Stellar’s assets in the Republic of Guinea, the proceeds from which will be used to advance the development of Stellar's flagship Tongo-Tonguma mine development in Sierra Leone, "A project that has an estimated post-tax net present value of $104-million,”said Stellar CEO Karl Smithson.
West Africa-focused Stellar Diamonds Project announced it had signed a tribute mining and revenue share agreement with junior Octea Mining for the Tongo-Tonguma diamond project in eastern Sierra Leone.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has signed an agreement to operate the Tonguma mine in Sierra Leone, adjacent to the company’s own Tongo mine.
Stellar Diamonds, a diamond development company focused on West Africa, has signed joint venture agreements with Citigate Commodities Trading, a Dubai-based commodities group, concerning the Company’s Baoulé kimberlite project in Guinea and two earlier stage exploration licences in western Liberia, which were awarded to Stellar in February 2016. The Company currently has a 75% interest in the Baoulé Project and a 100% interest in the Liberia Project. The press release contains the relevant details, foremost among which are that Citigate’s subsidiary company SAFA Afrique Ltd.
On August 22 2016, Stellar Diamonds announced that it had agreed with Octea Mining to combine their Sierra Leone projects to create the second largest diamond-mining operation in West Africa. Under the proposed deal, Stellar would amalgamate its Tongo kimberlite project with Octea’s adjacent Tonguma asset. The combined project would enable production of up to 250,000 carats per year of “high-value” diamonds, with mining grades of up to 290 carats per hundred tons of ore.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has agreed a proposed transaction with Octea Mining Limited to combine Stellar’s Tongo kimberlite diamond project with Octea’s adjacent kimberlite diamond project, Tonguma, and to bring both assets into production under the same production infrastructure in Sierra Leone.
Stellar Diamonds suspended its share trading on London's AIM on Friday due to a possible reverse takeover transaction. The London-listed diamond developer said the deal would require the publication of an admission document and be subject to shareholder approval. It also stressed that there is no guarantee that the potential transaction will be completed. As a result, trading in the company’s shares on AIM were suspended until either an admission document is published or the company announces that the potential transaction will no longer be proceeding.
Stellar Diamonds plc, a West Africa diamond development company, has signed binding heads of terms with Dubai's Citigate Commodities Trading over joint ventures in Guinea and Liberia. The deal relates to the Baoulé kimberlite project in Guinea, which has a resource target of approximately three million carats, and over two new exploration licenses in western Liberia, which have recently been awarded to Stellar. The proposed joint ventures remain conditional upon completion of due diligence by Citigate and the parties entering into definitive joint venture agreements for each project.
Stellar Diamonds plc. announces that its next diamond sale of up to 3,184 carats from trial mining of its Baoulé kimberlite project in the Aredor area of Guinea, will take place in Antwerp via the DDA auction platform, from June 20 to 28. Interested parties are requested to book an appointment via DDA Trading, firstname.lastname@example.org.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announced that it has conditionally raised $860,000 before expenses through an equity issue in addition to realising approximately US$300,000 through a sale of diamonds in Antwerp from its Guinea-based Baoulé project. The recent sale of 3,291 carats by auction in Antwerp realized proceeds of US$299,988 at an average of US$91.05 per carat.
The Sierra Leone Environmental Protection Agency (EPA) has approved the environmental, social and health-impact assessment (ESHIA) for Stellar Diamonds' Tongo Dyke-1 project in Sierra Leone, writes Engineering News. “The approval of our ESHIA marks another key step in the process of obtaining the mining and environmental licences that will allow for the development of the 1.45-million-carat diamond resource at Tongo Dyke-1, one of four kimberlite dykes at our Tongo project.
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has exported a diamond parcel of 3,341 carats from trial mining of its Baoulé kimberlite project in the Aredor area of Guinea to Antwerp. These goods will be cleaned and assorted prior to a planned auction which is expected to take place in March. This third diamond sale will form part of the on-going trial mining evaluation of the Baoulé pipe in order to determine the diamond grade and value of the deposit.
The explorer said the 55-carat diamond confirmed the presence of large stones in the pipe and it continues to recover high-quality gems of up to 12 carats. The stone appears to have a ‘boart’ – or fragmented – exterior and a potentially better-quality diamond on the interior. Trial mining has yielded a total of 8,043 carats to date at an average grade of 12.7 cpht (carats per hundred tones). Revenue from the Baoulé diamond sales to date are $700,644 from 5,173 carats, the firm said in a statement.
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.
Stellar Diamonds plc, the London listed (AIM: STEL) diamond development company focused on West Africa, is pleased to announce that it has formally submitted to the National Minerals Agency (NMA) of Sierra Leone its application for a large scale mining licence for the Tongo project. The move comes after the World Health Organization's announcement earlier this month that Sierra Leone is Ebola-free after 42 days without any new infections. The Tongo kimberlite diamond project is forecast to yield 840,000 carats and revenues of $358 million.
Stellar Diamonds, announcing a major reorganization of its shares, aims to raise around £1.26 mil ($1.94 mil) net via a convertible loan note agreement and subscription deal, which will be used for ongoing working capital. The company has prioritized its Tongo mining licence application in Sierra Leone and aims to resume the trial mining of the kimberlite pipe at Baoulé in Guinea, which has thus far yielded over 6,400 carats. The aim at Baoulé remains to process 100,000 tons of kimberlite to justify the next stages of project development.
Stellar Diamonds said a preliminary economic assessment shows the Tongo kimberlite project in Sierra Leone can produce almost 1 million carats over the next 18 years, according to a company announcement. "The objective was to define updated project economics for both surface and underground mining of the diamond resource in support of the mining license application," according to the assessment by Paradigm Project Management.
London-listed Stellar Diamonds has raised $330,000 through the issue of a new unsecured convertible loan note to Germany-based investment group Deutsche Balaton, providing the West Africa-focused miner funding to advance development of a “significant” hard rock diamond mine from its portfolio of projects in the region. CEO Karl Smithson said that it had become necessary for Stellar to undertake a capital reorganisation to amend the nominal value of its shares relative to the price at which the group was currently able to issue new shares.
Stellar Diamonds reports that it is delighted with its latest diamond auction of stones from Baoule in Guinea, which raised US$505,000 before costs. It took place through the eDiamond online auction platform and brings total sales for 2015 to US$922,000 - of which US$700,000 is derived from Baoulé. Six lots totalling 48.12 carats of +5 carat diamonds sold for US$3,510 per carat. Stellar's chief executive Karl Smithson said: "The presence of larger, high value stones and the stability in the rough diamond market has resulted in an average price of $156 per carat for the latest Baoulé parcel.
Stellar Diamonds said its next diamond sale of up to 4,439 carats from trial mining, including gem quality stones up to 12.6cts in size, of its Baoule kimberlite project in the Aredor area of Guinea will take place in Dubai and Antwerp via the eDiamond auction platform during May. The goods will be available to view in the offices of eDiamond in Dubai from the 10 to 13 May and in Antwerp from the 18 to 25 May with the auction expected to close at the end of May 2015.