Industry News by Nemesis

Stellar Diamonds Selling Assets In Guinea For $2 Million

June 10, 2017

Stellar Diamonds plc, the diamond development company focused on West Africa, is to sell its assets in Guinea to BDG Capital Limited for $2,000,000 in cash.

 

The money will be used to advance the development of the company’s flagship Tongo-Tonguma mine development in Sierra Leone.

 

Stellar has received $250,000 cash (part of the consideration price) as an exclusivity fee.

 

There is an exclusivity period of two months for due diligence and completion of documentation.

 

A joint venture agreement over Baoulé and Liberia with Citigate has been terminated, Stellar said.

 

Source: Idex

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