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Stellar Diamonds to sell first diamonds from Baoule

Stellar Diamonds to sell first diamonds from Baoule

The first diamond exports from its Baoulé mine have now been prepared and are ready for sale, Stellar Diamonds (LON:STEL) said today.

Trial mining is currently underway at the mine in Guinea and this first batch of approximately 2,350 carats will now be sold in Antwerp alongside approximately 3,700 carats from its other projects.

When sold, it will represent the first revenues from the planned cycle of exports during 2015 from Baoulé.

Though rough diamond prices have been soft since the final quarter of 2014, some producers have indicated that prices may now be stabilising, the company said.

In its annual statement, Lord Daresbury added the group expected cash flows a regular basis from Baoule throughout 2015.

Tongo, in Sierra Leone, is going through the feasibility stage and together with Baoulé and resources at its other projects, Stellar want to build a resource base of 7.5 mln carats, which it estimates would have an in-situ value of US$1bn currently.

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