Dubai’s Citigate inks JV deal for west African diamond mines

golddAgreement signed with Stellar Diamonds for operation of mines in Liberia and Guinea

Dubai-based Citigate Commodities Trading has signed a joint venture agreement with Stellar Diamonds, the London listed diamond Development Company focused on west Africa, for Safa Afrique, its diamond mining portfolio.

Under the deal, Stellar Diamonds will be operating mines in Liberia and Guinea for the first phase while Citigate Commodities Trading has been appointed as the official off-taker of all diamonds produced.

The agreement follows a deal signed in August when Citigate agreed to acquire the diamond mines in Guinea and Liberia.

The Guinea mine is an advanced brown fields project at trial mining stage with sufficient infrastructure and machinery in place with a resource of 3.3m carats. It has an estimated in-situ value of $518 million.

SOURCE: News Now/ Arabian Business.com

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