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.
Stellar Diamonds PLC 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.
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.
The move marks a key milestone as the diamond company moves from explorer to miner.
Stellar Diamonds plc, the London listed (AIM:STEL) diamond mining and exploration company focused on West Africa, is pleased to report encouraging initial diamond recoveries from drill core samples of the Company's 100% owned Droujba kimberlite pipe in