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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.
Tags: Guinea, mining, Rapaport News, Stellar Diamonds, UK
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