The diamond miner decided to offload those units to focus on its Tongo-Tonguma project in Sierra Leone, which has the potential to generate earnings of $45 million a year.
Sierra Leone Mining News
Deal creates one of the largest diamond mines in West Africa.
Emmanuel Momoh found the 706-carat diamond in Sierra Leone's Kono district.
The company originally intended to combine its Tongo project with Tonguma, but it has now decided to become the mine's operator.
Chinese steel firm Shandong Iron and Steel Group plans to invest $700m iron ore processing plant at its Tonkolili mine in Sierra Leone.
Ahmed bin Sulayem says a well-structured permanent body able to take over the work currently done by volunteers is urgently needed.
The company said its proposed Tongo-Tonguma mine economic evaluation demonstrates robust financial returns for a modest capital requirement.
The diamond producer plans to combine its Tongo mine with Octea Mining’s adjacent Tonguma operation.
The West Africa-focused firm said it was verbally informed of the approval by the country's Minerals Advisory Board.
The permit marks another key step in the process of moving towards development of the 1.45 million carat diamond resource in the West African country, said the company.
The discovery of the 55-carat diamond confirms the presence of large stones in the area, said the company.
African Minerals Limited (OTCMKTS:AMLZF) is being sued in a London court over allegations that it evicted residents and violently mistreated workers and villagers living close to one of its mines in Sierra Leone.
The move marks a key milestone as the diamond company moves from explorer to miner.
The 64-year-old American-Belgian citizen has become the first businessman ever arrested for suspected involvement in the illegal trade of “blood” diamonds.
Iron ore project will remain suspended until the company either releases $102 million in restricted cash or can secure other short term funding.
Report shows there are 39 assets in production within the Ebola-affected region.
Frank Timis has got $20 million to acquire the mine bordering its own iron ore project Tonkolili.
And the rapid fall in the iron ore price, the Sierra Leone miner's dispute with Glencore and the slow rampup. But especially Ebola.
The iron ore miner warned Wednesday that its shares now had "little or no value."
Deutsche Bank warned Friday that gold producers are the most vulnerable to a further spread of the deadly disease.
The iron ore producer warned it did not have sufficient cash to operate Marampa, its only mine.
Company lowers production guidance at Marampa mine in Sierra Leone as outbreak impacts supply chain and ramp up.
Tighter border controls are set to disrupt the flow of essential supplies and even workers trying to get to work at the African country's mining operations, companies say.
After the WHO declared the current outbreak an “international public health emergency.”
London Mining tells eight staff at Marampa mine to go home and imposes travel restrictions after deadly fever spreads from neighbouring Guinea and Liberia.