Gemfields signed a new loan agreement in the amount of $ 65 million, of which $ 45 million will be allocated to finance the development of the project Montepuez (Montepuez) mining of rubies in Mozambique.
Funding will also be aimed at "smoothing" flow of funds of companies with their view of the intermittent nature of the auction of precious stones, says Chief Financial Officer Gemfields Dzhanet Boys (Janet Boyce).
The company noted that the emerald mines Kagem (Kagem) funds in the amount of $ 30 million have already been received in Zambia.
"We are pleased with the fact that we have agreed on the financing of these mechanisms after considering a number of alternatives, as well as other proposals from various banks," - Boyce said.
Gemfields recent loan, together with the funds received for the mine Kagem from branch of Barclays Zambia, Gemfields provide the necessary funding. The company intends to support its plans for growth and expansion, so that over the next three years to increase the annual production of rough rubies to about 20 million carats in the Montepuez and increase production of rough emeralds to more than 40 million carats Kagem.
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Stellar Diamonds has received a letter of approval of its assessment of the environmental, social and economic environment and the health of the population (ESHIA) from the Environmental Protection Agency of Sierra Leone (EPA) in relation to the project Tongo (Tongo) Dyke-1 (Dyke-1).
CEO Karl Smithson (Karl Smithson) said that the ESHIA approval is another key step in the process of obtaining mining and environmental licenses, which will allow the project to develop the diamond Tongo Dyke-1 with the content of 1.45 million carats.
"We will soon hold a meeting with the EPA, to discuss and agree on the payment service provider to be licensed, - says Smithson -. Recently, we have also successfully completed the process of signing an agreement on the lease of land from their owners and other stakeholders These agreements form the basis for a legally binding agreement. ".
Application for a license for the extraction of diamonds in Tonga, submitted to the Council of Stellar Mining Sierra Leone, is now awaiting approval by the authorities.
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