Proactive Investors - Run By Investors For Investors

Stellar Diamonds pleased with trial mining progress at Baoule

Stellar Diamonds pleased with trial mining progress at Baoule

Stellar Diamonds (LON:STEL) has recovered more large, high quality stones from its trial mining operation at Baoule in Guinea.

Latest mining has seen diamonds of between 12.6 carat and 10.0 carats, the company said. So far a total of 5,087 carats has been unearthed at the mine at an average grade of 13.5 cpht.

The breakdown was 382 diamonds of more than  1 carat, 115 diamonds over 2 carats, and 21 diamonds greater than  5 carats.

Last month, Stellar sold 733 gem quality carats from Baoulé at an average value of $266 per carat as part of a larger sale. One 5.5 cpht diamond sold for more than US$25,000.

Karl Smithson, chief executive, said: "Good progress continues to be made from trial mining at Baoulé.  

“Our objective is to produce 15,000 carats from this exercise to enable us to determine the grade, value and presence of large stones in the pipe, with a view to using this information to consider a decision to advance Baoulé to commercial scale mining.“

View full STEL profile View Profile

Stellar Diamonds PLC Timeline

Related Articles

December 31 2018
Bluerock is looking to boost output at Kareevlei by opening up new pits and by bringing new pipes into production
July 24 2018
If it does decide to list in London, Fura will fill the coloured gemstone gap left by the departure of Gemfields
December 21 2018
Richland wants to resume mining at Capricorn or find a buyer for the project

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use