Stellar Diamonds has agreed to merge its Tongo kimberlite project (Tongo) with an adjoining mine Tonguma (Tonguma) company Octea Mining in Sierra Leone. It is expected that production from the projects will be carried out using a common infrastructure.
In a statement, the diamond company reported that in the framework of the consolidated production at the project will be able to receive up to 5 million carats of diamonds, and the target production volume after the additional exploration is 8 million carats.
"As soon as combined diamond project starts production, it will become the second largest in West Africa, and the maximum volume of diamond production will be about 250,000 carats a year", - said CEO Karl Smithson, Stellar (Karl Smithson).
"The high diamond content and high potential kimberlite developed quite a convincing combination of mining operations (now Octea) can provide us significant synergy costs, which will improve the estimated amount of operating profit.", - he added.
Smithson also said that available at Tongo and Tonguma infrastructure will start mining operations within 12 months after completion of the transaction between the companies.
Managing Director Zane Octea Sveynpoel (Zane Swanepoel) said that the bigger the project will be placed under the operational control of Stellar.
". The company Stellar extensive experience in Sierra Leone, and in particular in the region Tonga This, we believe, will greatly benefit the project", - he added.
The Stellar Friday on the London Stock Exchange AIM, has suspended trading of their shares until further announcements concerning the adoption or termination of a potential deal with Octea.
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Panama Diamond Exchange (Panama Diamond Exchange, PDE), the first branch exchange in Latin America, now called "World Jewelry and Diamond Center in Panama" (World Jewelry & Diamond Hub, Panama). This decision was endorsed by the General Assembly of the World Federation of Diamond Bourses (World Federation of Diamond Bourses, WDDB ) during the 37th World Diamond Congress, May 16-19 in Dubai.
The decision to change the name was announced by President PDE Khel Mahesh (Mahesh Khemlani). "A large number of our members work with the jewelry, as well as actively trades with emeralds and other colored gemstones. We felt it necessary to make our name reflects the composition of our members, and the word jewelry, which represents the industry, of which we all are, added, "- he explained.
"Since our status as the starting and the shopping center in the region grows, we have sought to show that the World Jewelry Center (World Jewelry Hub, WJH) and Exchange inextricably linked - said Khemlani. - So we decided that the exchange should be called World jewelry and diamond center in Panama. "
From June 20 to 23 June, buyers and suppliers of jewelry, diamonds and colored gemstones from more than 20 countries in Latin America and other nations of the world will gather at the site of the World Trade jewelry and diamond center in Panama for the second Latin American jewelery week, said market.
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