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.