The Diamond Development Initiative (DDI) has undertaken a sensitization initiative for border communities in the Mano River Union (MRU) region - which comprises the countries of Liberia, Sierra Leone, Guinea and Côte d'Ivoire - to raise awareness of the Kimberley Process requirements and strengthen local capacity to monitor the flow of diamonds.
Israeli authorities have placed Israeli diamond and mining mogul Beny Steinmetz under house arrest over allegations of bribery and corruption in Guinea linked to his BSG Resources (BGSR) mining company. One of Israel’s wealthiest men, Steinmetz has been arrested in Israel over claims that he paid millions of dollars in bribes to secure mineral assets in one of the world’s poorest nations.
Koin International, a specialist rough and polished diamond tender house, will hold a diamond tender in Antwerp from 26 – 30 September for multiple original rough productions. The productions include large single stones from the Namakwa North West Mine in South Africa as well as orginal stones from Guinea; Koin will have over 50,000 cts of original Angola production on offer (Koin assortments) from ANGOLA F2M, and full Run of Mine from Democratic Republic of Congo.
Reports from multiple sources are starting to detail the murky structures hiding the tremendous wealth accumulated by certain players in the diamond and gold trade that emerged through last week's release of the Panama Papers.
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.
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 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.
One of the more interesting uses of drones is a partnership between the United States Agency for International Development (USAID) and US Geological Survey (USGS). Since June 2014, they have helped support the Kimberley Process (KP) by using camera-equipped drones to survey the mines, create 3D models of the operations, and keep track of small scale diamond mining sites in Western Guinea. Pete Chico, a member of USGS who was deployed to Guinea, writes, "[these mines are] often remote and spread over vast territories […] th