News

Advanced Search

Sierra Leone Revokes Two of Stellar's Kono Licenses

Apr 12, 2012 7:18 AM   By Jeff Miller
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Sierra Leone informed Stellar Diamonds that the Ministry of Mines ought not to have granted the renewal of the company's Kono licenses in 2010, thus revoked  mineral rights. Stellar Diamonds informed shareholders today that it disputes the assertions and is seeking clarity on the Ministry's position. The company has not received a similar statement for its Tongo exploration license, which was renewed in November 2011, according to the company.

Stellar's chief executive, Karl Smithson, said, ''Whilst this uncertainty is frustrating and unfortunate, we strongly believe that our legal tenure over the Kono licenses is intact and will be engaging with the Ministry of Mines to clarify and then satisfactorily resolve this issue.

"Over the past 12 months we have been conducting exploration and bulk sampling over the Lion kimberlite dyke project which is strategically located in the Kono diamond district. The company has recently announced independent resource estimates from our key projects of Droujba and Tongo where we have established an initial resource base of 2.5 million carats and 0.66 million carats respectively," he said.

Tags: diamonds, Jeff Miller, kono, leone, sierra, stellar, tongo
Similar Articles
Lesedi La Rona Sotheby'sLack of Large Diamonds Dents Lucara Sales
Feb 21, 2018
Lucara Diamond Corp’s revenue and profit fell in 2017, as sales of exceptional diamonds and overall production
Rough Demand Boosts Mountain Province Sales 150Gahcho Kué Prices Rise as Market Improves
Feb 13, 2018
Mountain Province Diamonds has posted its highest monthly sales total to date, as better-quality production and
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.