First Diamonds from Sierra Leone Underground Diamond Mine Sold
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17.09.08, 13:14
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Mining
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Stellar Diamonds has announced that its joint venture Kono Kimberlite Diamond Project sold 1,049 carats of diamonds at its first sale last week. Stellar’s CE Karl Smithson noted that the largest diamond, which weighed 10.55 carats, raised $31,000 in the sale.
The Kono Project, which is Sierra Leone's only underground diamond mine, is expected to reach full-scale production and a stock market listing next year. Mining Weekly reports that the Kono Diamond Project is currently operating under an exploration license, but plans to apply for a full diamond mining license in 2009.
Stellar projects that Kono's revenues will eventually earn about $40 million a year. Taxes and royalties to the Sierra Leone government will reach some $14-million a year.
Petra Diamonds holds 51% of the Kono Diamond Project.
Stellar is currently prospecting at four other diamond mines in Sierra Leone, as well as Guinea and the DRC.
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By: Rachel Lieberman, Israel Diamond Industry Portal
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