Stellar recovers first diamonds from Baoulé project
JOHANNESBURG (miningweekly.com) – Diamond developer Stellar Diamonds has recovered the first diamonds from the Baoulé kimberlite pipe, in Guinea, following the commissioning of the mine’s 100 t/h treatment plant, in September.
First ore processed yielded over 50 ct, including stones of 3.76 ct and 1.37 ct.
CEO Karl Smithson said the company’s next objective was to improve the efficiency of the commissioning of the plant before increasing the throughput of kimberlite ore, which could take a few weeks.
‘While this large-scale bulk-sampling, or trial mining, is expected to establish the diamond grade and value of the kimberlite pipe to a high degree of confidence, it is also expected to provide cash flow to the company over the next 12 months,” he outlined.
Stellar now planned to move into full-scale trial mining once plant optimisation was complete and would look to process at least 100 000 t for diamond grade and value estimation.
Meanwhile, as announced in December last year, Stellar signed a joint venture (JV) agreement with local group Société Tassiliman in relation to a licence to mine an area covering 1 km that hosted the Baoulé kimberlite pipe.
Under the terms of the deal, Stellar was entitled to earn a 75% interest in the JV project once it had spent $5-million.
“Stellar has now achieved this milestone … through a combination of expenditure by Stellar and vending into the project of plant and machinery. As a result, a new JV company has now been created and the licence is being transferred from Tassiliman to this JV,” the company outlined.
Stellar had the option to buy the remaining 25% of the new JV at fair market value and with the agreement of the JV partners.
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