Resource News
Stellar Diamonds to list on Aim early next year – WAD chair
By resourceINTEL · November 23, 2009 · 8:24 am · Leave a Comment
JOHANNESBURG (miningweekly.com) – The enlarged Stellar Diamonds entity, which would include the merged West African Diamonds (WAD), would relist on London’s Aim market in early February, WAD chairperson John Teeling told shareholders at the company’s annual general meeting on Monday.
Teeling told shareholders at the Aim-listed company’s annual general meeting that the planned merger was proceeding well.
The companies had announced in October that Stellar, which is 58,5% owned by Aim- and TSX Venture Exchange-listed African Aura Mining, had signed a heads of agreement to undertake a combination of business interests that would constitute a reverse takeover of WAD on the London stock market.
Teeling highlighted that the merger would create a bigger diamond producer that would be capable of delivering a robust cash flow and which would hold an exciting portfolio of advanced kimberlite projects, in Guinea and Sierra Leone, while also enabling it to take advantage of growth opportunities in West Africa and elsewhere.
This portfolio would include two producing diamond mines, Bomboko and Mandala, in Guinea, which had a combined resource base in excess of 1,5-million carats, as well as an advanced stage diamondiferous kimberlite exploration project at Droujba, in Guinea.
Further, it would include a joint venture (JV) with Petra Diamonds on the Koidu dykes, in Sierra Leone, and a JV with Japanese/Sierra Leone owned company, Thunderball, on the Pipe 3 kimberlite pipe and adjacent dykes in Koidu, among other projects…read more at the Mining Weekly
