Citigate Commodities Trading Limited Signs Joint Head of Terms with London Stock Exchange Listed Stellar Diamonds plc (AIM: STEL)
Dubai-based Citigate Commodities Trading Limited has entered into an agreement with London Stock Exchange listed diamond development company Stellar Diamonds plc (AIM: STEL) to acquire mines in Guinea and Liberia.
- (1888PressRelease) August 05, 2016 - Dubai-based Citigate Commodities Trading Limited has entered into an agreement with London Stock Exchange listed diamond development company Stellar Diamonds plc (AIM: STEL) to acquire mines in Guinea and Liberia
Dubai, UAE, 2 August 2016 - Citigate Commodities Trading Limited, the Dubai-based commodities trading company, announced the signing of head of terms with Stellar Diamonds plc (AIM: STEL), the London Stock Exchange listed diamond development company focused on West Africa. The agreements include a Baoulé kimberlite mining project in Guinea that has a resource estimation of approximately 3 million carats and two exploration licenses in western Liberia, which have recently been awarded to Stellar Diamonds.
Citigate Commodities Trading Limited - via its subsidiary Safa Afrique Limited, a diamond exploration and development company appointed to develop and operate West Africa's diamond resources - will fully acquire the Guinean and Liberian mines pursuant to the joint venture agreements with Stellar Diamonds.
"Adding the Guinean and Liberian mines to Citigate's portfolio gives us substantial leverage in the GCC by securing additional assets in two of West Africa's most prolific diamond producing nations," said Tohib Iyiola, founder and CEO of Citigate Commodities Trading Limited. "With one mining project already in production, Citigate is working to rapidly expand its portfolio of projects for its West African diamond operator, SafaAfrique, in order for it to develop and flourish."
As a commodities trading company that specialises in the supply of raw commodities-particularly gold and diamonds-to manufacturing and retail groups in the GCC, Citigate Commodities Trading Limited looks to increase and secure assets in West Africa's renowned diamond producing nations, Guinea, Liberia, and Sierra Leone. The joint venture agreements with Stellar Diamonds plc offers Citigate Commodities Trading Limited significant advantages in terms of sourcing and supply, which will ultimately benefit the company's regional manufacturing and retail partners as the journey of becoming the Gulfs number 1 diamond exploration, mining and development company continues.
Stellar completed a 100,000 tonne trial mining exercise at Baouléin June 2016 from which total sales generated equalled US$1,228,000. It is anticipated that a further 50,000 tonnes of kimberlite will be mined and processed in order to determine with more accuracy the diamond grade and value of the east lobe. At the current +1.25mm grade of 13.3cpht this could yield up to a further 6,600 carats for sale. Previous sales from the east lobe achieved US$156 per carat.
In February 2016, Stellar was awarded two licenses covering a total area of 670.54 square kilometres in the west of Liberia, around the key diamond area of Kumgbo towards the border with Sierra Leone a place known particularly for its fancy coloured and rare diamonds. Stellar had previously conducted reconnaissance stream sampling in the region in 2006/7, which returned positive results with some samples yielding abundant kimberlitic ilmenite, suggesting proximal kimberlite sources-the most important source of mined diamonds today.
About Citigate Commodities Trading Limited
Citigate Commodities Trading Limited is a subsidiary of Citigate International Limited, a UAE-based international group led by entrepreneur and founder Tohib Iyiola. Citigate Commodities Trading Limited-via Safa Afrique Limited, a diamond exploration and development company, which functions as the group's nominee company and which has been appointed to develop and operate West Africa's diamond resources-has exploration assets in West Africa, currently coordinated by SRK Consulting and exploration, and also specialises in the supply of raw commodities, gold and diamonds in particular, to manufacturing and retail groups.
About Stellar Diamonds plc
London-based Stellar Diamonds plc is an AIM quoted (AIM: STEL) West Africa-focused diamond company with a portfolio of advanced diamond assets in Sierra Leone and Guinea. Its current focus is on projects at the trial mining and mine development stages in Guinea and Sierra Leone and it was recently awarded two exploration licences in western Liberia.
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