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.
SOURCE: Mining Weekly Online