Sierra Leone Diamond Mine

Sierra Leone Diamond Mine, Sierra Leone, a country known for its rich mineral resources, is set to welcome a new diamond mine. This venture holds promise for the country’s economy and the global diamond industry. With an abundance of natural resources and a growing demand for diamonds, Sierra Leone is positioning itself as a key player in the diamond market.

The new diamond mine is expected to leverage cutting-edge technology and sustainable mining practices to ensure both environmental and social responsibility. This approach aims to minimize the impact on the surrounding ecosystem and provide a safe working environment for miners.

The establishment of the diamond mine is projected to boost employment opportunities in Sierra Leone, providing jobs for local communities and contributing to their socioeconomic development. Additionally, the mine is expected to generate substantial revenue for the country, contributing to its economic growth and infrastructure development.

Sierra Leone’s diamond industry has come a long way, implementing stringent regulations and practices to ensure ethical sourcing and responsible mining. The establishment of the new mine will further strengthen these efforts, promoting transparency and accountability within the industry.

As Sierra Leone’s new diamond mine begins its operations, it is hoped that it will serve as a model for sustainable mining practices, benefiting the local communities, the country, and the diamond industry as a whole.

Newfield Resources secured $50m in provisional finance to bring its Tongo Diamond Mine, in Sierra Leone, to commercial production.

The Australian miner says the deposit has an initial eight-year life with peak annual diamond production of 260,000 carats forecast in Year 5.

Newfield said yesterday (10 July) that its subsidiary Sierra Diamonds Limited (SDL) had signed a conditional and non-binding terms sheet with the Africa Finance Corporation (AFC).

Karl Smithson, executive director at Newfield, said: “Through its own funding, Newfield has substantially advanced the Tongo Mine from exploration to development and into first production.

“We believe that the right financing partnership will enable the Tongo Mine to move to full-scale production and create many positive benefits for all stakeholders, including the local communities, the Government of Sierra Leone and the shareholders of Newfield.”

It says 80 per cent of its run of mine product is gem quality, compared to a global average of only 20 per cent.

Two adjacent mining licences cover over 134 square km and host 11 known kimberlites.

Five of those kimberlites have been incorporated into the current JORC-compliant 8.3 million carat diamond resource estimate.

The first diamond sales of 5,200 carats from Tongo achieved an average sales price of $262 per carat last May. A second diamond sale of over 7,000 carats will take place later this month.

Newfield took over Tongo in March 2018 when it acquired London-based Stellar Diamonds for $23.6m. Before that the mine was owned by Israeli Beny Steinmetz, through Koidu Holdings, in which he held a controlling stake.

Newfield’s flagship asset is the highly endowed Tongo Mine Development in eastern Sierra Leone. Recent completion of Front End Engineering and Design (FEED) work and commencement of underground portal excavation has laid the foundation for targeted FID and project build from 2H 2019.

The Tongo Mine Development combines kimberlite dyke hosted diamond resources on two adjacent mining licences that cover over 134 square kilometres and host 11 known kimberlites. It is subject to a Tribute Mining Agreement between the two mining licence holders, being Newfield’s subsidiary company, Sierra Diamonds Limited, and Octea Mining’s subsidiary company, Tonguma Limited.