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.
Israeli billionaire businessman Beny Steinmetz was released from house arrest Wednesday after he was detained last month on suspicion of money laundering and bribing public officials in Africa, writes The Times of Israel. The diamond and mining magnate was arrested on December 19 and accused of paying millions of dollars in bribes in the Republic of Guinea in exchange for advancing his business interests in the country, according to the Israel Police.
Diversified mining giant Rio Tinto will “robustly” defend itself against any legal action by BSG Resources (BSGR) - owned by the notorious Israeli mining figure Beny Steinmetz - which is reportedly planning to sue the company over its alleged contribution to the loss of BSG’s mining rights for the Simandou iron-ore project in Guinea, writes Mining Weekly. BSG is reportedly seeking billions of dollars in damages.
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.
Koin International will be offering a range of African rough production for sale in Antwerp from September 6 to 13. The tender features 10.80ct+ single stones and 30,000 carats of 6gr down stones. In addition, there is original run of mine output from the Krone-Endora mine at Venetia from Diamcor, from melee through to large single stones. There will be original tailings from the Klipspringer mine in South Africa, original production from Guiter in Guinea and from Sierra Leone of melee to single stones, and original production directly from the Democratic Republic of Congo.
Koin International is organizing a tender from 14 to 20 July in Antwerp featuring a selection of original rough productions from around Africa, including: Angola F2M, Diamcor (Krone-Endora Mine), Klipspringer Mine, Guiter (Guinea), Sierra Leone, DRC. The Angola goods on offer include Koin assortments (30,000 cts+), 6gr down, as well as 10.80 ct+ single stones and large fancy colors (yellow and pink).
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.
Mining at the site has generated 2,145 carats with average grade of 15 carats per hundred tones, the miner said, adding that high-quality stones are being found, with two examples weighing 8.5 carats and 6.6 carats.
Stellar Diamonds’ 75% owned Baloué project of Guinea has seen its first diamonds being exported to Antwerp, where they will be sold during the course of this month. Monthly production a the project could reach 2000 carats if the current processing levels are maintained.