Stellar Diamonds has completed the sale of its Guinea assets to BDG Capital for $1.25 million, Gem Konnect reports.
CEO Karl Smithson said: “We are delighted to be able to bring the disposal of our Guinea assets to a close. Stellar’s carrying cost in Guinea is approximately $70 000 per month and we look forward to focusing our resources exclusively on progressing the high-grade and high-value 4.5-million-carat Tongo-Tonguma kimberlite mine development project in Sierra Leone”.
In September, Stellar announced its intention to raise $45 million to fund its first major mining project in Sierra Leone – Tongo-Tonguma – since the Ebola outbreak in 2015. Tongo-Tonguma would be the second biggest mine in the West African country. In an interview of Stellar CEO Karl Smithson, he is quoted as saying: “This is the first large-scale mining license to be issued by the government since Ebola, creating up to 1,000 jobs”.
