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Stellar Diamonds Narrows 1H Loss as Costs Slashed 29%
Mar 30, 2016 5:22 AM
By Rapaport News
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RAPAPORT... Stellar Diamonds, a West Africa-focused exploration and
development company, lowered its loss by 5.2 percent in its first fiscal half by
cutting costs.
The company narrowed its loss to $886,463 in the six months
to December 31 from $934,928 a year earlier as it slashed administrative
expense by 29 percent, according to a statement March 29.
During the period, the company focused on trial mining
production and resource building at the Baoulé project in Guinea and taking the
Tongo kimberlite project in Sierra Leone into production. While revenue in the six
months to December was zero, the company sold about $300,000 of rough stones
from Baoulé in an auction
in Antwerp earlier this month.
Baoulé will continue to generate revenues during 2016 but
“there can be no guarantee as to the timing or amount of any such sales,” the
company cautioned in the statement.
“During difficult resource-market conditions, Stellar's
focus has rightly remained on the key projects of Tongo and Baoulé which offer
the most direct routes to enabling Stellar to become a significant diamond
producing company,” said Peter Daresbury, Stellar’s chairman.
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Tags:
Baoulé, Guinea, mining, Rapaport News, Sierra Leone, stellar, Stellar Diamonds, tongo, West Africa
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