Stellar Diamonds just found a big rock at its Guinea project
Africa-focused Stellar Diamonds (LON:STEL) unveiled Monday it has unearthed its biggest diamond yet at it majority-owned Baoulé project in Guinea.
According to the company, the discovery of the 55-carat diamond confirms the presence of large stones in the area, where it has recovered several high-quality gems of up to 12 carats.
Trial mining at the project has yielded a total of 8,043 carats to date, the company said, with revenue from the site a bit over $700,000 from the sale of 5,173 carats of diamonds.
However, the company said that the average grade of those recovered carats was slightly lower than previously reported. The stock fell 0.7p, or about 7.4%, to 8.8p after the update.