28th Jan 2016 10:01
LONDON (Alliance News) - Stellar Diamonds PLC Thursday said it is looking at potential funding options for the commercial development of the Tongo project in Sierra Leone whilst it awaits to be formally awarded the necessary licences for the project.
The diamond miner said the mining licence application is currently being processed by authorities and the public disclosure meetings have also been held in relation to the environmental licence application. Stellar has also submitted the environmental, social and health impact assessment.
"Good progress continues to be made towards the approval of the mining licence for our 1.45 million carat Tongo Dyke-1 project in Sierra Leone," said Chief Executive Karl Smithson.
"Whilst we await the formal granting of this we are considering appropriate funding structures for the future commercial development of the mine to take advantage of the robust economics demonstrated in last year's preliminary economic assessment, which supports the development of an open pit and subsequent underground mine," he added.
Stellar shares were up 9.5% to 10.40 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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