The company said it is also negotiating with the relevant stakeholders, including the National Union of Mineworkers of South Africa (National Union of Mineworkers, NUM) , which earlier this week condemned the "sudden closure" of the mine with a staff of 115.
"Constantly decreasing level of diamond content in the breed and size, as well as the increase in production costs, have led to significant financial losses", - said in a statement TransHex that leads Mining Weekly.
"In the current financial year, the situation has worsened and has now taken measures to contain further losses. It is important that the inlay (Baken) mine had the best chance of survival, at least in the short term. The workers will continue to receive the full payment, while the company is taking the necessary legislative procedures and in consultation with relevant stakeholders ", - concluded the TransHex.
Stellar Diamonds has signed an agreement on diamond mining and distribution of sales revenue with Octea Mining. Together, the companies will develop Tongo kimberlite deposits and Tonguma (Tongo-Tonguma) in Sierra Leone.
ReplyDeleteThe Stellar statement said that this agreement will lead to joint production and related concessions and Tonguma Tonga, as well as provide significant short-term and long-term cash flows.
This diamond project has one of the most valuable ore bodies in Africa, based in dollars per tonne, expressed in Stellar.
The company said that the capital cost of the development of the field in the first two years were estimated at $ 32 million, including 15% contingencies.
"The combined project has an initial resource of 4.5 million carats and is considered one of the most valuable kimberlite ore bodies in Africa, based in dollars per tonne due to the content of diamond in the rock (from 100 to 260 carats per hundred tonnes in size from 1.18 mm) and high quality ($ 209- $ 310 per carat), "- said Karl Smithson (Karl Smithson), CEO of Stellar Diamonds.
"The life cycle of the mine for 21 years in the extraction of more than 200 000 carats a year in full production makes this the second largest mine in West Africa", - he added.
Mine project Tongo Tonguma, in all probability, will bring in $ 45 million revenue per year when it reaches full production, projected at Stellar.