Published by Jaroslaw Adamowski
Acquisition in Africa West African miner Stellar Diamonds has announced the sale of its mining assets in the Republic of Guinea to Gold Knight Ltd, a subsidiary of Canada's BDG Capital Limited.
"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 US$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," Karl Smithson, the chief executive of Stellar Diamonds, said in a statement. "We wish BDG every success in taking the Guinea projects forward."
The value of the deal is $1.25 million, of which Stellar Diamonds has received $500,000 to date, according to data from the Company.