Login

“I am bullish on the future of the diamond business. Three reasons for this optimism... new discoveries, extending mine life and the increasing demand for diamonds”, says Martin Leake

Martin Leake is a PhD exploration geologist and Six Sigma black belt who has been involved in the rough diamond market since 2004. He worked for BHP Billiton for 22 years and recently left Grib Diamonds where he helped set up a world-class marketing...

18 september 2017

Diamond exploration junior obtained conclusive proof of diamond-bearing kimberlites in Russia’s North

OOO Proex Service, which is searching for diamonds in the Arkhangelsk Region of Russia, discovered seven kimberlite pipes in the Kozolsky license area having spent 15 months for the find. One of the pipes is very similar to the highly diamondiferous...

11 september 2017

People do not just make fun in the social media, they make purchases there

Oksana Senatorova has been famous in the jewellery world for a long time as a publisher of the ‘Navigator in the Jewellery Trade’ journal, organizer of the international contest ‘The Best Jewellery Store of the Year’, curator of professional events and...

04 september 2017

‘There is no illegal tanzanite mining in Tanzania’

Richland Resources, which wholly-owned TanzaniteOne until the Tanzanian government forced it to relinquish half of its stake to the State Mining Corporation (STAMICO), exited the country in 2015 to focus on its operations in Australia. The formalisation...

28 august 2017

David Block: “Intellectual property theft is not just Sarine's problem...whole industry should combat this phenomenon.”

For more than 15 years, David Block served in various senior positions at Sarine Technologies in Israel and India. From 2012 until his appointment as CEO in 2017, Block was Sarine's Deputy CEO and Chief Operating Officer, with responsibility for...

21 august 2017

Stellar raises funds for Tongo environmental licences, working capital

14 september 2017
Stellar Diamonds has conditionally raised £330,000 through the issue of 10,1 million new ordinary shares for 3.25 pence per share.
The London listed diamond development company had also proposed to raise up to £200,000 at 3.25 pence each through an open offer.
Subject to completion of the placing, investors participating in the placing would be considered qualifying shareholders for the purpose of the open offer, it said.
Stellar said the net proceeds of the placing and open offer would prioritise payment of the Tongo environmental licence and renewal of the Tonguma environmental licence.
The licences were estimated to cost $250,000.
“Once the Tongo mining licence is issued fiscal terms may be negotiated and ratified via the Sierra Leone Government and Parliament respectively,” it said.
“Furthermore, funds will be allocated to ongoing costs related to the Tongo-Tonguma project in Sierra Leone, general working capital, and the payment of certain existing creditors whilst the company continues to progress debt and equity financing to bring the high grade and high value 4.5 million carat Tongo-Tonguma project into production.”
The Tongo mining licence was approved by the Minerals Advisory Board in Sierra Leone, subject to the payment of the Tongo environmental licence. 
Meanwhile, Stellar said that the disposal of its Guinea projects and assets was “progressing with further due diligence, audit and tax affairs being finalized”.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

Comments

Only registered users can add comments (Register, Login)