The New Acland mine is an open-cut, thermal coal mine located near the Acland town, 14km north-west of Oakey Town, Queensland, Australia.

Owned and operated by New Acland Coal (NAC), a subsidiary of Australian mining company New Hope Group, the mine has been in production since 2002.

As the mine reserve was forecast to be depleted by 2017, NAC proposed the New Acland Coal Mine Stage-3 project expansion to extend operation and increase production capacity.

The plan was revised in 2012 and the same received approval from the federal government's Environment Protection and Biodiversity Conservation Act (EPBC) in January 2017. The project awaits approval of the mining leases, environmental authority and associated water licence before the company can consider making the final investment decision.

Once approved, the project is expected to extend the mine's operation by approximately 12 years, while also increasing the mine's thermal coal production capacity to 7.5 million tonnes a year (Mtpa) from the current production levels of 4.8Mtpa.

The mine is estimated to produce 80.4 million tonnes (Mt) of coal over the life of the mine, if the project proceeds.

New Acland Coal Mine Stage-3 details

The plan to expand the New Acland mine operations was first proposed in 2007. NAC, however, revised the project in 2012 to address the concerns raised by the Queensland government and local community about the potential impact of the project.

The revised project envisages the progressive development of two new resource areas within the new mining lease area, including Manning Vale and Willeroo, and three new pits, namely Manning Vale West, Manning Vale East and Willeroo.

"The mine is estimated to produce 80.4 million tonnes (Mt) of coal over the life of the mine." 
The revised project has a considerably reduced disturbance footprint (approximately 63% less) and ensures that the mining operations will be located at least 10km away from Oakey Town.

Other changes include a relocation of the train loading facility from Jondaryan to a remote site closer to the mine and as previously proposed, the train loading arrangement will include a veneering system that seals the exposed coal at the top of each loaded wagon to reduce the potential for dust emissions during transport. This is a practice New Hope initiated and have been doing since 2013.

The estimated capital cost of the revised project is approximately $896m, with operating costs of approximately $450m a year. The estimated expenditure is approximately $6.6bn over the life of the revised project.

New Acland coal mine geology and mineralisation

The two resource areas to be developed as part of the revised project are located within the mineral development licence (MDL) 244, which is located in the north-west of the Moreton Basin over the northerly trending Kumbarilla Ridge, which separates the Moreton and Surat Basins.

While the Surat basin comprises early-Jurassic to early-Cretaceous age non-marine and marine sediments, the Moreton basin is made up of non-marine sediments dating from the late-Triassic.

The Walloon coal measures present in both the basins hold the economic coal-bearing sediments. The main coal bearing unit in MLD 244 is referred to by NAC as the Acland-Sabine Sequence.


The revised Project's JORC-classified reserves within four mining licenses, including MDL 244, for run-of-mine (RoM) tonnes totals 441Mt.

Mining and processing at expanded New Acland coal mine

The truck and excavator/loader method, which has been in use at the open-pit mine since the beginning of its operations, will continue to be used.

The existing coal handling and preparation plant (CHPP) will be upgraded to account for the additional RoM coal throughput and a new CHPP Module 3, with a processing capacity of 750t/h of RoM coal, will be constructed.

CHPP Module 3 will be housed in a building, which will have a similar layout as that of the existing CHPP Modules 1 and 2, but will be widened to accommodate a second deslime screen. CHPP Module 3 will also have a larger dense medium cyclone (DMC) reject screen compared to the other modules. An overhead crane will provide access to the DMC.

Major infrastructure developments for the expansion project

NAC revised the access and now propose to construct the Northern Mine Industrial Area Access Road at a new intersection location on Pechey-Maclagan Road west of Cherrys Road. This new road will enter into the new Mine Industrial Area (MIA) and will be designed to the appropriate standards to transport light vehicles into the revised Project site. The existing Jondaryan-Muldu road will be used as an internal haul road.

The existing 33kV mine and district 11kV power lines will be relocated and rebuilt. The current power requirement of the mine is 5MW/5.7MVA a year, which is expected to increase to 12.6MVA a year based on 7.5Mtpa full production.

Water for the Project will be sourced from predominantly onsite storages. NAC will purchase up to 5,500ML of Class A+ recycled water a year from Wetalla Wastewater Reclamation facility (WWRF), through a long-term contract to the year 2055. Additionally, NAC may also receive 150ML of recycled water a year from the Oakey Reverse Osmosis Treatment Plant (ROTP).

Treated in at on-site RO treatment plant, potable water is sourced from groundwater bores present on the site.

The Jondaryan rail load-out facility (JRLF) will also be relocated from the current location, to a new location in the mining lease area. A new 8km rail spur line and balloon loop, a new train load out facility, and a material handling facility will be constructed.

Benefits of New Acland mine expansion

The expansion will create up to 260 construction jobs and increase the number of operational jobs to approximately 410. NAC will encourage the use of local suppliers and contractors during construction and operations.

DDA Trading Bvba is pleased to announce the second sale of Namibian Marine Rough Diamonds in Antwerp. They will be offering approx. 8,900cts of Full ROM, Original Marine Goods of Gem quality.
The goods are from the underwater concessions of Diamond Fields Namibia ML 111. Viewings will take place by appointment only in Antwerp at DDA Trading’s office in the Antwerp Diamond Bank, Pelikaanstraat 54, Floor 6, 2018 Antwerp from Monday 20 to Monday 27 February with the sale closing on Tuesday the 28th of February. Find more information about apointments

DDA Trading website.

DDA Trading organised the IMDH Tender for goods from Namibia on the 22nd of November 2016. It was the 1st IMDH sale through the DDA Trading platform. Goods were presented in a cross market sale over Antwerp and Dubai markets. All of the 40 lots offered were sold in a one bid tender.

OAO Raspadskaya Coal Company, uniting a group of enterprises situated in the Kemerovo region of the Russian Federation, has released the results of its coal businesses for H1 2006.
During the first 6 months of 2006 coal output at all enterprises of OAO Raspadskaya Coal Company totaled 5,135 thousand tons, representing an increase of 5.6% y-o-y. Directly, Raspadskaya coalmine extracted 4,501 thousand tons of coal, including 1,056 thousand tons from its deep mining complex (ZAO Razrez Raspadsky). Output at OAO MUK-96 exceeded 633 thousand tons.

The Raspadskaya enrichment plant processed 3,433 thousand tons of raw coal, creating 2,817 thousand tons of coal concentrate in the first half of 2006. “In developing the production programme, we efficiently organized the operation of all of our coal mines in such a way as to avoid reinstallations and movement from coal bed to coal bed,” said Gennady Kozovoi, General Director of ZAO Raspadskaya Coal Company, which is an asset management company for OAO.

“The launch of our own plant in the summer of 2005 made it possible to control the quality of the end product, and to set up the enrichment process in the direct vicinity of the extraction enterprises, and thus cutting back on transport expenses,” Mr. Kozovoi added. In H1 2006 excavation teams of the group created 20,066 meters of shafts, representing an increase of 5.8% over the same period in 2005. This growth was a result of the successful work of OAO Raspadskaya and OOO Raspadskaya Joy.

“The impressive results achieved by our excavation teams made it possible to assimilate new extraction technologies using combine loading conveyors,” noted Mr. Kozovoi. Cargo turnover of the loading and transportation enterprise OAO TPTU in the first half of 2006 amounted to 80,373 thousand tons/km. OOO Montazhnik Raspadskoy, an enterprise that supplies the Company with metal mesh lagging for mining work, manufactured 222,399 sqm of this material.

About the Company

OAO Raspadskaya Coal Company incorporates a group of facilities in the Kemerovo regional coal production complex– Raspadskaya underground coalmine, ZAO Raspadskaya Coke, OAO MUK-96, ZAO Razrez Raspadsky, – as well as an enrichment plant and enterprises related to transport and production infrastructure. The Company is one of the largest players on the Russian coking coal market. Coal products of Raspadskaya Coal Company are distributed to numerous metallurgical and coke-chemical plants in Russia and abroad.

For more information contact:

ZAO (38475) 4 65 30
Galina Kovalchuk

(495) 147 15 16
Alexander Andreev

The PBN Company

(495) 775 00 77
Artem Dovlatov

ENERGA Finance AB – the Baa1/BBB rated finance subsidiary of ENERGA S.A., the Polish state-owned utility – started a roadshow yesterday to convince investors that the bond issuance with which it is planning to raise a minimum of EUR 250 million has nothing to do with a 1000 MW coal-fired power plant in Poland that the parent company is developing with another coal-heavy state-owned utility, ENEA S.A. Two banks – JPMorgan Chase and BNP Paribas – are arranging the deal, putting their credibility up for sale.

Rainforest Action Network, Foundation “Development YES - Open-Pit Mines NO”, and other civil society organizations consider deals like this a climate test for how seriously international financial institutions take their own policies as well as the Paris climate agreement. Less than one year ago, JPMorgan Chase committed that the bank “will not provide project financing or other forms of asset-specific financing where the proceeds will be used to develop a new coal-fired power plant located in a high income OECD country”^1 -- including Poland.^2 Yet JPMorgan Chase has now signed up to underwrite bonds for a wholly owned subsidiary of Energy SA, whose electricity generation mix is 68% coal, and is searching for ways to finance its recently revitalized plans for the Ostrołęka C 1000 MW coal power plant, which will cost EUR 1.5 billion.

ENERGA aims to raise capital by launching eurobonds through its wholly-owned, Sweden-registered subsidiary whose sole purpose is to secure corporate finance for the mother company with no strings attached. The purpose of the bonds is that the money raised will be for the utility’s “general corporate purposes” -- and it shouldn’t be difficult for JPMorgan Chase to see what that means when this one planned coal plant would double ENERGA S.A.’s coal generation capacity.

Poland is the last country in the European Union where new coal-fired power plants are still planned. It is also the country with an energy system most heavily controlled by the state. As one of the four state-controlled coal heavy energy utilities, ENERGA
S.A. is also in talks with the European Investment Bank about financing a hybrid bond launch worth EUR 250 million that would also enable ENERGA to proceed with the Ostrołęka C project.^4 ENERGA S.A. first launched eurobonds in March 2013, when BNP Paribas, Bank of America Merrill Lynch, and HSBC arranged for the company to obtain EUR 500 million.

Back in 2012, ENERGA had shelved its power plant construction plans, but in November 2015 the plans for the Ostrołęka coal plant were restarted. According to the energy consulting company Ecofys, any new coal-fired power plant is inconsistent with a 2°C scenario,^6 and yet there are currently more than 2,000 coal fired power plants under preparation to be built in the world. If all were to be built, according to Climate Action Tracker, coal power emissions in 2030 would be 400% higher than what is consistent with limiting warming to under 2°C.^7

Kuba Gogolewski, Finance Campaigner at Foundation “Development YES - Open-Pit Mines NO”, said:

"By supporting ENERGA's bond issue while it is building a coal plant that would more than double its coal generation capacity, and by helping to keep afloat the country’s collapsing mining sector, JPMorgan and BNP Paribas clearly show that profit comes first and that their climate commitments only go skin deep. Polish communities aspire to a healthier and cleaner future and ENERGA Finance will fund the opposite. Investors buying ENERGA Finance bonds have to know that they will take part of the responsibility for stalling the diversification of the Polish energy system away from coal and keeping Polish citizens away from clean air to breathe. We call on all investors to stay away from ENERGA Finance eurobond launch, and on JPMorgan and BNP Paribas to cut their ties with ENERGA until it drops its coal plans.”

Jason Opeña Disterhoft, Climate and Energy Senior Campaigner, Rainforest Action Network, said:

“The ENERGA bond issue is a test of JPMorgan Chase’s seriousness on climate change. As we approach the one-year anniversary of its new coal policy, the bank is looking to exploit a loophole to finance a new coal-fired power plant in an OECD country that is already locked into coal dependence. Now it has to choose: does it care more about coal or the climate?”

For more information, contact:

Kuba Gogolewski, Private Finance Campaigner, Fundacja “Rozwój TAK – Odkrywki NIE”
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: + 48 661 862 611

Jason Disterhoft,
Climate and Energy Senior Campaigner, Rainforest Action Network

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (415) 398-4404

Halifax, Nova Scotia – Morien Resources Corp. , is pleased to announce that it has received notice from Kameron Collieries ULC , the owner/operator of the Donkin Coal Mine in Cape Breton, Nova Scotia, that production at Donkin has commenced.

Initial production at Donkin is from a single continuous miner, with the addition of a second continuous miner scheduled for later in 2017. A total of 64 full-time employees/contractors are currently working onsite at Donkin, and Kameron is forecasting a total of 135 full-time workers onsite at full production. Construction of a coal handling, preparation and processing plant is anticipated to begin during the first half of 2017. In 2018, two, dual coal sections are anticipated to be operational; a typical coal section consists of two continuous miners, six battery haulers, one feeder breaker, and two roof bolters.

Kameron has indicated that it expects the washed coal quality of Donkin to be a high fluidity, high volatile metallurgical coal, with 3.0% ash, 1.65% sulphur, 13,500+ BTU/lb, 0.88% RO, +25,000 ddpm fluidity, and 120-150 dilation. Kameron has cited the following as key project strengths at Donkin:

• Coal quality
low ash, high energy thermal coal;
high quality metallurgical coal (low ash, high vitrinite content, high fluidity, high crucible swell number (“CSN”));
• Low mining costs – 8.1 raw tonnes per linear foot, 6.9 clean tonnes per linear foot;
• Short truck haul to local power stations and deep water ports; and
• Substantial Resource – 483 million tonnes; 30 year expected project life (2 continuous miner sections)
• The Donkin Coal Technical Report, dated November 2012, found on Morien’s SEDAR profile, supports the above technical disclosures.

Morien Royalty and Milestone Payments

On February 27, 2015, Morien sold its 25% working interest in Donkin to Kameron for aggregate cash consideration of $5.5 million (three payments, see below) and a gross production royalty (see below).
Morien owns a gross production royalty of 2% on the first 500,000 tonnes of coal sales per calendar quarter (excluding the initial 10,000 tonnes of coal produced and sold from Donkin) and 4% on any coal sales from quarterly tonnage above 500,000 tonnes (“Royalty”). The Royalty is payable to Morien on a quarterly basis over the anticipated 30 plus year mine life.

Production is expected to rise to 2.75 million sales tonnes per year (the current permitted production rate) over a three to four year period. Using a range of coal pricing, annual royalty payments could be in the order of $4.0 million to $8.0 million at full production. These values are only estimates based on assumptions that Morien management consider to be reasonable, as approved on February 28, 2017. Actual results and royalties received, if any, and subject primarily to production rates and coal pricing, may vary from those estimated by Morien.

Morien received a $2 million milestone payment on closing of the transaction with Kameron (February 27, 2015) and received a second milestone payment of $2 million on the second anniversary of the closing (February 27, 2017; click here for Morien news release). Morien is entitled to receive an additional $1.5 million on the earlier of first commercial sale of export coal from Donkin and the third anniversary of the closing of the transaction (February 27, 2018).

About Morien

Morien is a Canadian mining exploration and development company, focused on unique mineral industry opportunities in North America with two long-life royalty assets and a strong cash position. Morien has 52,986,614 issued and outstanding common shares and a fully diluted position of 58,189,114. Further information is available at
For more information, please c


John P.A. Budreski, President and CEO
Phone: (416) 930-0914

Dawson Brisco, P.Geo, VP Corporate Development

Phone: (902) 466-7255
This email address is being protected from spambots. You need JavaScript enabled to view it.

New Hope Group has secured federal government Environment Protection and Biodiversity Conservation Act (EPBC) approval for its New Acland Stage 3 Continuation Project in Queensland, Australia.

New Hope Group managing director Shane Stephan stated that the approval demonstrates the environmental credentials of the project.

The decision was announced by Australian Environment and Energy Minister Josh Frydenberg. His department issued its approval after multiple federal environmental departments conducted extensive scrutiny, including evaluation from the Independent Expert Scientific Committee (IESC).

Stephan said: “It’s positive news for the local community as it provides optimism for the continuity of operations at New Acland and the increased economic activity associated with the construction of the project.”

"It’s positive news for the local community as it provides optimism for the continuity of operations at New Acland." 
The project is expected to create around 260 construction jobs, ongoing employment for up to 435 people directly and 2,300 indirectly.

The project is expected to generate $12bn in economic benefits throughout its project life to 2029.
Stephan further said: “Our 300 direct local employees and 500 contractors have been anxiously awaiting federal and state approval of this project for many years.

“Whilst we welcome the Federal EPBC Act approval, timing of state approvals is absolutely critical as the current mining lease is running out of resource and a considerable amount of construction activity is required to enable access to Stage 3 coal.”

The project still requires multiple state-level approvals that include Mining Lease, Environmental Authority and Associated Water Licence, with the company then able to make the final investment decisionfor the project.

On January 17, 2017, North Arrow Minerals - a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada - announced it had entered a property purchase agreement with Stornoway Diamond Corporation under which North Arrow will acquire Stornoway’s remaining interests in the Qilalugaq (Nunavut) and Pikoo (Saskatchewan) Diamond Projects. 

This transaction has now been completed, meaning that North Arrow holds 100% interests in both projects. Upon closing the property purchase agreement, Stornoway has transferred its approximate 18% interest in the Qilalugaq Project and approximate 15% interest in the Pikoo Project to North Arrow, and North Arrow has issued to Stornoway 2,000,000 common shares of North Arrow.

Stornoway retains 0.5% and 1.0% gross overriding royalties on diamonds and 0.5% and 1.0% net smelter returns royalties on base and precious metals mined from the Qilalugaq and Pikoo Projects, respectively. North Arrow is also required to make C$2.5M (US$1.9M) and C$1.25M (US$0.96M) cash payments to Stornoway at the same time that first royalty payments relating to the Qilalugaq and Pikoo Projects, respectively, are payable.

In their January announcement, Ken Armstrong, President and CEO of North Arrow, stated, "The Qilalugaq Project, Nunavut, hosts the large Q1-4 kimberlite which contains a population of fancy orangey yellow diamonds that are unique in Canada. A diamond drill has been mobilized to the community of Naujaat, just 9 km from Q1-4, where a drilling and sampling program is planned for this spring and summer.

Further, the Pikoo Project remains Canada’s most recently discovered new diamond field with kimberlite intersected in 70% of the drill holes completed to date. We continue to define priority drilling targets at Pikoo both near existing discoveries and at the heads of unsourced kimberlite indicator mineral trains.”

Lucara Diamond Corp., which runs the Karowe Mine in Botswana and holds multiple exploration licences in the region, reports record earnings - and dividends - for the year 2016. Revenues increased 32% to $295.5 million from $223.8 million in 2015, with its EBITDA surging 38% to $184.4 million on the back of a 40% rise in price per carat achieved: $824 per carat compared to $593 per carat a year ago. However, net income declined 9% to $70.7 million in 2016, mainly due to a foreign-exchange loss of $11 million compared with a gain of $15 million a year earlier, the company.
Lucara sold 358,806 carats during the year. Q4 earnings at $66 million were up slightly over Q4 2015 ($65.2m), while Q2 dividends of $140.8 million were the game-changer for the year 2016, specifically as a result of the sale of the 813-carat Constellation rough diamond for a record $63.1 million, or $77,649 per carat, in May. "But if we take that Constellation out," said CEO William Lamb in a conference call, "we still actually had record value sales for the regular and special tenders," and even without the incredible price per carat of the Constellation, their average would have been $649/carat.

Lucara's new mine contractor, Moolman Mining Botswana (Pty) Ltd a subsidiary of Aveng Mining ("Aveng Moolmans") commenced mobilization to the Karowe mine in February. Since December 2016, during the period of transition to Aveng Moolmans, Karowe has processed ore from stockpile resulting in lower than forecast ore and waste mined for the year. Ore processed for the year was in excess of forecast at 2.6 million tons with diamond recoveries totaling 353,974 carats, which was in line with forecast. They report the successful implementation, on time and on budget, in Q3 of the project to increase the top size of diamonds recoverable by the existing Large Diamond Recovery. The Mega Diamond Recovery ("MDR") and the sub middles XRT project are advancing and expected to complete on time and on budget in 2017.

William Lamb, President and Chief Executive Officer commented "The Company achieved record sales in 2016. We demonstrated our commitment to deliver consistent and sustainable value to our shareholders as well as the strength of our cash flow generation by paying a special dividend during the year, while continuing to advance growth opportunities in Botswana. We remain focused on operating performance at the Karowe mine and are well positioned to continue to drive operating efficiencies and safe productivity in partnership with our new mining contractor. Our capital projects for enhanced diamond recovery are on target to be completed in 2017, ensuring maximum diamond recoveries from the high value south lobe. We also remain excited with our work on resource expansion at the Karowe mine through our deep drilling program and our advanced exploration program in Botswana."

Karowe is forecast to process 2.2-2.5 million tons of ore, producing between 290,000 and 310,000 carats of diamonds in 2017. Revenue is forecast between $200 and $220 million. This excludes the anticipated sale of Lesedi La Rona held in inventory at December 31, 2016. Lucara's year-end cash position fell to $53.3 million from $134.8 million in 2015, largely as a result of record dividend payments of $149.7 million during the period, but also due to currency issues. “If we look at foreign-exchange calculations and how tax would have been affected, if we strip that out, those numbers would actually look very different,” William Lamb, Lucara’s chief executive officer, said in an earnings call on Friday transcribed by Seeking Alpha.


Ore mined in Q4 2016 was 0.6 million tons and waste was 2.7 million tons. Tons of ore and waste mined were lower than forecast as Karowe's previous mine contractor commenced demobilization from site and ore was processed from stockpile. The process plant in Q4 processed 14% more tons than forecast for the quarter and 6% more than forecast for the year, resulting in Karowe achieving its carat recovered forecast in excess of 350,000 carats. The project to increase the top size of diamonds recoverable by the existing Large Diamond Recovery was successfully implemented on schedule and within budget. The MDR project is on schedule at 45% complete.


Drilling commenced on the planned 10,000 metre deep drill program designed to test the Karowe AK06 kimberlite at depths below 400m with the objective of converting inferred mineral resources into the indicated category in support of an underground mining study. The drilling component of the program is expected to be completed in February 2017. In 2014, the Company was awarded two precious stone prospecting licenses (PL367/2014 and PL371/2014) which are known to host kimberlites, BK02, AK11 and AK12, AK13 and AK14.

The prospecting licenses are located within a distance of 15 km and 30 km from the Karowe mine. On March 31, 2016, the Company completed the transfer of its shares of Mothae Diamonds Pty Ltd. and the Mothae site bulk sample plant to the Government of Lesotho.

As announced in December 2016, junior miner Rockwell Diamonds signed an agreement to sell "none-core assets" - the Remhoogte and Saxendrift mines - to Nelesco Proprietary 318 for US$3.48 million (ZAR45m); it has now been completed.

The sale and purchase agreement also releases Rockwell from environmental and tax liabilities (rehabilitation liabilities) totalling US$5.40 million (R70m) as well as the transfer of 100 employees.

The first (US$1.53m) of three payments has been completed after the fulfillment of certain conditions, the second being the transfer of registration of the Saxendrift farm in the name of Nelesco, which is soon to be completed. The cash balance, the transfer of the Section 11 mineral properties, as well as the consent of the Takeover Regulation Panel of South Africa are to be the final payment.

Until then, all operations will be on a contract mining basis with a royalty payable to the Rockwell of 2.5% of revenue from diamonds recovered from properties covered by the transaction.Nelesco has in the meanwhile completed site establishment and commenced its mining operations.

At the time of the initial announcement of the sale in December, Tjaart Willemse, CEO of Rockwell Diamonds said, “This transaction represents a significant milestone in our repositioning plans for the ‘new Rockwell’. It not only brings in cash in addition to the recently announced funding by two of the key shareholders and a third party, but also disposes of non-core assets and associated liabilities.”

He now adds, "As regards our repositioning plan we are not in the home stretch yet, but we are on the move and gaining traction towards realizing the “new Rockwell” goals. Not only have we reduced our liabilities and earned some much needed cash, but we have recovered our operations and regained focus. We have a clear strategy, which is to get our Wouterspan Mine up to full production and to see first production from our new Stofdraai Mine by July."

Stellar Diamonds plc, the London listed diamond development company focused on West Africa, has signed an agreement to operate the Tonguma mine in Sierra Leone, adjacent to the company’s own Tongo mine.

Stellar Diamonds whose CEO Karl Smithson in 2015 said that then-explorer Stellar's application to mine at Tongo was the first company to apply for a large scale mining licence of any kind since the onset of the Ebola crisis - announced on 20 February 2017 that it no longer intends to acquire Tonguma Ltd and instead intends to enter into a Tribute Mining Agreement with Octea Mining, which would allow Stellar to mine the Tonguma licence area alongside Stellar’s own Tongo project in Sierra Leone.

As points out, "The company, which applied for large-scale mining in the African nation in 2015, originally intended to combine its Tongo project with Tonguma, owned by junior Octea Mining. The deal would have created Sierra Leone’s second largest diamond mine, with a combined annual production of 250,000 carats.

However, Stellar opted out of the proposed acquisition and, instead, has agreed to run the mine and sell the extracted diamonds, paying a 10% of the revenue after deduction of government royalties to Octea." This new, provisional deal was revealed along with Stellar's announcement of a placement to raise approximately £324,500 ($407,173) through the issue of 5,900,000 new Ordinary Shares of the Company at an issue price of 5.5 pence per share.

They additionally announced an Open Offer to raise up to approximately £250,000 ($313,732) at 5.5 pence per Open Offer Share, and have proposed resumption of trading on AIM on completion of the placing.

Page 8 of 61

Subscribe To Our Newsletter

Security Q:How many eyes has a typical person? (ex: 1)