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Friday, June 16, 2017
Stellar Diamonds considered the independent report of MPH Consulting project Tongo (Tongo) with an adjoining mine Tonguma (Tonguma) in Sierra Leone. According to the data, the original occurring resources for the project are estimated at 4.0 million carats.
The report was approved mine plan for the project.
Last month Stellar contemplating a merger project and Tongo mines Tonguma after buying the latter.
Thanks to an agreement Stellar will receive a 75-percent stake in the project, as well as pre-emptive right to repayment of the initial investment and obtaining a number of royalty.
"Out on the draft report is a new milestone in its intended acquisition, as well as from it followed an independent mine plan and financial model of the preliminary economic assessment", - says CEO Karl Smithson, Stellar (Karl Smithson).
"We continue to make good progress in the necessary legal and other work on the audit, which is necessary for the completion of the proposed acquisition," - he concluded.
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The authorities of Botswana said that the country faced a trade deficit of $ 1.9 billion Botswana pula ($ 166 million) due to the small volume of diamond exports in November last year.
ReplyDeleteDiamond sales account for about 30% of GDP in Botswana and bring 75% of export earnings.
The Statistics Botswana noted that the total export from Botswana is estimated at 2.3 billion pula ($ 201 million) in the period. The drop compared with the previous month was 50% (4.7 billion pool).
"As the volume of diamond exports decreased in the reporting month, we have seen fluctuations in the value of total exports," - said in a statement.
Meanwhile, Statistics Botswana data showed that the country exported diamonds 1.4 billion pula in November 2015, compared with 5 billion pula in November of the previous year.
Finance Minister Kenneth Matambo Botswana (Kenneth Matambo) in early February said that the country's budget deficit rose to 3.8% of GDP (6 billion pula) in the fiscal year that began April 1, 2015. This happened due to the small volume of diamond exports.
In the previous fiscal year deficit was 4.2 billion pula, or 2.8% of GDP.
It was the first deficit of Botswana's economy for four years, says the Bloomberg.