Stellar enters JV to advance Guinea, Liberia projects

November 9, 2016 Cholo Brooks Africa, Business 0

By: Megan van Wyngaardt

JOHANNESBURG (miningweekly.com) – Aim-listed Stellar Diamonds has signed joint venture (JV) agreements with Dubai-based Citigate Commodities Trading to further develop the Baoulé kimberlite project, in Guinea, as well as two early-stage exploration licences in western Liberia.

The company currently held a 75% interest in the Baoulé project and a 100% interest in the Liberia licences.

Citigate will, through its SAFA Afrique subsidiary, earn up to a 75% interest in Baoulé through a staged earn-in. The first phase will see the company invest $1.5-million to earn a 25% interest, followed by investment of $2-million to earn a further 25% interest. A third stage will entail it funding a prefeasibility study for another 25% stake.

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SOURCE: Mining Weekly Online

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About Cholo Brooks 14528 Articles

Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.