Stellar Diamonds states that it is now expected that the National Minerals Agency will draw up the Tongo Mining Licence for consideration and signature by the Minister of Mines and Mineral Resources.
[quote]“The receipt of the environmental licence marks an important milestone in the proposed development of the Tongo deposit into commercial production,” comments Stellar Diamonds CEO, Karl Smithson.
“The next milestone will be the drafting of the Tongo mining licence.
“Tongo forms part of the proposed 4.5 million carat combined Tongo-Tonguma mine development which has the potential to be the second largest hard rock diamond mine in West Africa and have one of the highest $/t kimberlite ore values globally.
Furthermore, Stellar Diamonds has agreed with Octea Mining to extend the long-stop date for the satisfaction of certain of the conditions precedent of the binding Tribute Mining and Revenue Agreements in relation to the Tongo-Tonguma mine development project in Sierra Leone.
“The combined Tongo-Tonguma project covers a series of high-grade and high-value kimberlites, three of which host a 4.5 million carat resource that comprises the 21 year life of mine plan.
“The long-stop date of the agreements has been extended as we continue to progress potential project funding and complete other certain conditions precedent to the agreements.
“We look forward to providing a further update as we progress,” concludes Smithson.
Feature image credit: Stellar Diamonds