Sierra Leone – The Tongo mining licence has been approved by the Minerals Advisory Board which was subject to the issuing of the environmental licence.
Once the environmental licence has been issued the National Minerals Agency will draw up the Tongo mining licence for consideration and signature by the Minister of Mines and Minerals Resources.
Furthermore, Stellar Diamonds has agreed with Octea Mining to extend the longstop 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 payment of the environmental licence fee is an important step to Stellar Diamonds being issued the large-scale mining licence for the Tongo project. The adjacent Tonguma project already has a 25 year mine licence issued in 2012,” says CEO Karl Smithson.
“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 longstop 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.”