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Stellar Diamonds “moving in the right direction” with licence, says chief

This week Stellar Diamonds PLC (LON:STEL) reported progress on its bid for a mining licence for its Tongo project in Sierra Leone, where it has been verbally informed that the Minerals Advisory Board (MAB) has approved its application.

Karl Smithson, chief executive, says he is “very happy” that the company has “gone through essentially two stages” – the submission of the licence application in November and the review by the Minerals Advisory Board.

He tells Proactive Investors that the company expects written approval in the shortly, before the application moves to the minister for his signature and final approval.

While the process is long, Smithson says the company is “moving in the right direction”, adding that he expects the project in Sierra Leone, once approved, to be a “long-term and sustainable operation for Stellar and for the country”.

Quick facts: Stellar Diamonds PLC

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AIM:STEL
Market: AIM
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