Stellar Diamonds pays for the Tongo environmental licence
Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announces that it has paid US$150,240 to the Sierra Leone Environmental Agency for the Tongo Environmental Licence. As previously stated, the Tongo Mining Licence has been approved by the Minerals Advisory Board subject to the issuing of the Environmental Licence. Once the Environmental Licence has been issued the National Minerals Agency will draw up the Tongo Mining Licence for consideration and signature by the Minister of Mines and Minerals Resources.
Furthermore, the Company has agreed with Octea Mining to extend the longstop date (for the satisfaction of certain of the conditions precedent of the binding Tribute Mining and Revenue Agreements ( “Agreements”) in relation to the Tongo-Tonguma mine development project in Sierra Leone, as defined in the announcement dated 28 April 2017) to 31 October 2017.
Chief Executive Karl Smithson commented:
“The payment of the environmental licence fee is an important step to Stellar being issued the large scale mining licence for the Tongo project. The adjacent Tonguma project already has a 25 year mine licence issued in 2012. The combined Tongo-Tonguma project covers a series of high-grade and high-value kimberlites, three of which host a 4.5 million carat resource that comprises the 21 year life of mine plan. The longstop date of the Agreements has been extended as we continue to progress potential project funding and complete other certain conditions precedent to the Agreements. We look forward to providing a further update as we progress.”