https://www.miningweekly.com

Stellar secures two-month loan note extension

5th May 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – London-listed Stellar Diamonds has secured a two-month extension to the longstop dates with the noteholders of its two outstanding convertible loan notes.

“Stellar is undergoing a transformation from an explorer to a mine developer. I would like to thank the noteholders for their continued support as we progress towards the commercial development of the 4.5-million-carat Tongo-Tonguma underground kimberlite diamond mine, in Sierra Leone,” said Stellar CEO Karl Smithson on Friday.

Key advances have been made in recent weeks in terms of signing the binding tribute mining agreement and signing the contract for the front-end engineering design (FEED) for the initial mine development.

The West Africa-focused diamond development company in April signed a legally binding conditional tribute mining agreement and revenue share agreement with Octea Mining for the diamond project.

A FEED study contract for the project was signed shortly thereafter, with Paradigm Project Management appointed to prepare the study.

“With a low capital expenditure requirement of $32-million, the proposed Tongo-Tonguma mine has the potential to be the second-largest kimberlite diamond mine in West Africa, with forecast production levels of 200 000 ct/y, generating revenues of over $45-million a year over a minimum life-of-mine of 21 years,” Smithson concluded.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

North Ridge Pumps
North Ridge Pumps

North Ridge Pumps is an independent manufacturer of pumps. We have a proven track record for product support and customer service throughout the...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.041 0.756s - 111pq - 2rq
Subscribe Now