https://www.miningweekly.com

Stellar Diamonds agrees to acquisition by Australia’s NWF

12th March 2018

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Australian exploration company Newfield Resources (NWF) and Africa-focused miner Stellar Diamonds have reached an agreement regarding NWF’s proposed acquisition of Stellar’s entire issued and to be issued share capital for £7.74-million.

The ASX-listed company owns an advanced diamond project in Sierra Leone, comprising four exploration licences covering 780.9 km2 and several gold projects in Western Australia.

The NWF board believes Stellar’s Tongo-Tonguma kimberlite project, which lies to the north-east of NWF's Allotropes diamond project, in Sierra Leone, complements NWF's existing operations in the country, as well as offers the potential for substantial near and long-term cash flows.

The companies would merge the business interests of NWF and Stellar in Sierra Leone and use the proceeds of a proposed NWF rights issue – raising $30-million through the placement of 200-million shares at $0.15 apiece – to advance the Tongo-Tonguma project into production.

On completion of the combination, Stellar CEO Karl Smithson would be invited to join the NWF board as an executive director. It is intended that Stellar COO Rowan Carr and other senior staff, including the Tongo project manager and plant/metallurgical manager, would also be retained by NWF after completion of the scheme.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.079 0.117s - 88pq - 2rq
Subscribe Now