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Stellar Diamonds Cuts FY Loss 25% as Sales Rise from Naught
Nov 25, 2015 1:16 AM
By Rapaport News
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RAPAPORT... Stellar
Diamonds, a UK-based exploration group focused on West Africa, cut its annual loss
by 25 percent as revenue grew from naught last year and costs were slashed.
Its loss
fell to $3.1
million in the year to June 30, according
to a November 24 statement from the company, which is listed on London’s
Alternative Investment Market. Sales jumped to more than $614,228. Administrative
costs plummeted 48 percent to $1.4 million as corporate and project-level
expenses were reduced.
Stellar raised $2.2 million to
complete preliminary assessments of its Tongo Dyke-1 project in Sierra Leone
and bring its Baoulé project in Guinea into trial mining production. It raised
a further $2.4 million to progress the license application process for the
Tongo mine and advance the Baoulé trial mining exercise.
Trial
mining at the Baoulé kimberlite pipe yielded 6,400 carats at 13.5 carats per
hundred tonnes, with sales of diamonds totaling
$614,228.
The
Tongo project is displaying “robust economics,” although no sales have been
made, the statement said. Stellar’s directors believe the company will be able to
access sufficient levels of finance to fund capital expenditure requirements at
Tongo, it said.
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Tags:
Guinea, mining, Rapaport News, Stellar Diamonds, UK
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