Stellar Diamonds progresses on Tongo mining licence

Stellar Diamonds paid for its environmental licence at Tongo, clearing the way for the corresponding mining licence to be issued, and extended the longstop date for the agreements with Octea Mining pertaining to Tongo-Tonguma.

The West Africa-focused diamond development outfit said it had paid the corresponding $150,240 fee for the environmental licence.

Furthermore, the company had agreed with Octea Mining to extend the longstop date for certain conditions which needed to be met for its Tribute Mining and Revenue agreements on the Tongo-Tonguma mine in Sierra Leone to become binding, to 31 October 2017, while it progressed on the potential project funding and completed certain other conditions.

When combined, the Tongo-Tonguma project covered a series of high-grade and high-value kimberlites, three of which hosted a 4.5m carat resource comprising the 21-year life of mine plan, the company said in a statement.