See also:
» 04.12.2009 - Sierra Leone gets $4.0 million for reforms
» 20.11.2008 - Investments pour into Sierra Leone mining
» 19.10.2007 - Conflict over Malagasy mine
» 08.12.2006 - African blood diamond film hits theatres
» 06.04.2005 - Sierra Leone's rich rutile mines reopened
» 04.03.2004 - Nickel mining may soon start in Madagascar
» 10.11.2003 - Diamond Fields to take over nickel deposit in Madagascar
» 08.09.2003 - Madagascar turns hot spot for diamond explorers

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Economy - Development

Diamond Fields Ltd acquires mines in Madagascar, Sierra Leone

afrol News, 31 July - The Canada-based company Diamond Fields Ltd, which has its main operations in Namibia, today announced it had agreed to take over "extensive collection of diamond and nickel exploration properties" in Sierra Leone, Madagascar and Greenland from the company Gondwana SA. Further interests in Angolan and Congolese claims would also be acquired.

Diamond Fields is becoming one of the main operators of diamonds mines in Africa as the Canadian company is taking over further properties and interests around the continent. Its main source of revenue however will remain the extensive diamond production in and offshore Namibia.

The company today announced it had entered into an agreement with its controlling shareholder, Jean-Raymond Boulle, and his company Gondwana SA, whereby Diamond Fields was to acquire all of Gondwana's interest in diamond exploration projects located in Madagascar and Sierra Leone, as well as a nickel exploration project located in Greenland.

In addition to these projects, Diamond Fields and Gondwana had agreed that all interests and goodwill of the latter in Angola and Congo Kinshasa (DRC) would be transferred to Diamond Fields, regarding any minerals, gemstones or other resources extracted from those countries.

With respect to the Madagascar acquisition, Gondwana's interest consists of an approximate 70 percent interest in a private company controlling exploration licenses.

The Madagascar interests also included a fully functional diamond laboratory, as well as rights to two significant diamonds represented to have been found near the property which were acquired by the Vendors. The diamond industry in Madagascar is still considered to be juvenile but promising.

With respect to the Sierra Leone acquisition, Gondwana was transferring a 100 percent interest in approximately seven exploration licenses in that country, as well as full ownership rights to a fully operational diamond laboratory. The Sierra Leonean diamond industry is of old age, but only starting to recover after over ten years of civil war.

Regarding Angola and the Congo, Gondwana however currently didn't have any ongoing explorations there, and the transaction of "interests and goodwill" in these two countries was therefore only aimed at possible future operations.

President and CEO of Diamond Fields, Gregg J Sedun, commented: "We are extremely pleased with the assets being acquired and the terms of this transaction, as both the company and Mr Boulle desired to structure a transaction that would provide Diamond Fields with a tremendous opportunity to expand its exploration business while at the same time minimize both the dilution to other shareholders and cash requirements of the company."

Mr Sedun further held that this transaction demonstrated Mr Boulle's "long term commitment to the company, as he will ultimately only receive compensation in the event that the properties included in the agreement go into production."

The Canadian company is one of the leading diamond producers in Namibia, where it contributes significantly to the national economy. Offshore Namibia, innovative technologies have made it possible to collect diamonds from the ocean floor, as the land-based mines are about to become exhausted.

Also in Namibia, Diamond Fields remains expansive. The company today informed that it had been advised that "progress continues" with Namibian regulatory bodies to "receive the necessary approvals to complete the registration process and enable the MV Anya to return to mining operations in the Lüderitz concession," in the south of Namibia.

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