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  2. Share Prices
  3. Stellar Diamonds Share Price
  4. Stellar Diamonds Share News
  5. Stellar Diamonds doubles FY loss, pursues transformational deal

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Stellar Diamonds doubles FY loss, pursues transformational deal

Thu, 22nd Dec 2016 11:18

(ShareCast News) - Stellar Diamonds has more than doubled its full-year pre-tax loss due to a significant rise in the impairment of intangibles, and says it is pursuing a transformational acquisition."At the same time maintain exposure to our quality portfolio of diamond assets in West Africa," said chief executive Karl Smithson in a statement.Pre-tax loss was $7.1m, from $3.09m. It booked $4.3m for the impairment of intangibles, from $605,728 a year earlier."During the past year we have pursued the key strategy of consolidating our Tongo kimberlite dyke licence with the adjacent Tonguma kimberlite dyke mining licence in order to create an enlarged hard rock mining operation that can offer long-term and sustainable production and revenues," said Smithson."In the event of completion of the acquisition of Tonguma, the combined mine would have an initial inferred +1.18mm diamond resource of 4.5 million carats, with diamond values ranging from US$209/ct to US$310/ct, from just three (of eight) kimberlite dykes in the licence areas, all of high grade and high diamond values."Smithson added that the PEA demonstrated a life of mine of 20 years with production estimated to be over 200,000 carats per year for the most part."The acquisition process is ongoing and remains the focus of Stellar (albeit there is no guarantee that it will be completed). In order to focus on the acquisition we undertook to joint venture our Baoulé kimberlite pipe project in Guinea and our Liberian licences to Citigate whilst retaining a free-carried interest in these projects."The earn-in allows for Citigate to fully fund both projects but Stellar's existing teams on the ground will manage the projects for the first phase of work and will also receive a management fee for doing so."At about 11:12 GMT, shares in AIM-quoted Stellar were flat at 7.12p.
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26 Apr 2018 17:51

Stellar Diamonds Gains Court Approval To Be Acquired By Newfield (ALLISS)

LONDON (Alliance News) - Stellar Diamonds PLC said on Thursday the scheme for its acquisition by Newfield Resources Ltd has become effective with its sanction by the Court on Wednesday.Asa

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19 Apr 2018 16:28

Stellar Diamonds Shareholders Vote To Approve Acquistion By Newfield

LONDON (Alliance News) - Stellar Diamonds PLC said Thursday that at a general meeting Thursday all the resolutions were passed by more than 99% majorities regarding the acquisition of Stellar by a

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12 Mar 2018 10:57

Stellar Diamonds Confirms Terms Of Newfield Resources Takeover Offer

LONDON (Alliance News) - Shares in Stellar Diamonds PLC soared on Monday as the company said it has agreed final terms on the offer for the company by Newfield Resources is to

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6 Feb 2017 08:39

Angus Energy Buys Stake In Holmwood Prospect From Europa Oil (ALLISS)

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9 Nov 2016 09:21

Stellar Diamonds signs JVs for Guinea and Liberia projects

(ShareCast News) - AIM-listed Stellar Diamonds has agreed to joint ventures with Dubai-based Citigate Commodities Trading, over the miner's kimberlite project in Guinea and two exploration licences in Liberia. The joint ventures will allow the company to focus on the proposed Tongo-Tonguma transacti

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22 Aug 2016 09:49

Stellar Diamonds to acquire Octea Mining's Tonguma project in reverse take-over

(ShareCast News) - Stellar Diamonds announced that it would combine its operations in Sierra Leone to create the second-largest diamond mining operation in West Africa. The combination of Stellar's Tongo kimberlite diamond project with Octea Mining's adjacent Tonguma project would have an inferred J

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22 Aug 2016 07:02

Monday newspaper round-up: Brexit chaos, Nigeria oil, house prices, ITV-ETO

(ShareCast News) - Leaving the EU may not not happen anytime soon given that civil servants charged with the task don't yet have an office and hold meetings in Starbucks. Some estimates suggest "full Brexit" may take 10 years and involve up to 10,000 people, not only in the new and other so-called "

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19 Aug 2016 09:13

Stellar Diamonds shares suspended ahead of reverse take-over announcement

(ShareCast News) - Stellar Diamonds announced the LSE would suspend trading in its shares pending the announcement of a potential reverse takeover. Trading in shares of West Africa-focused Stellar would thus be suspended pending the submission of the prerequisite admission document, which in turn wo

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6 Jul 2016 08:07

Stellar Diamonds Gets USD228,000 From Baoule Diamond Auction

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13 Jun 2016 10:29

Stellar Diamonds Completes Baoule Trial Mining, Agrees Loan Facility

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31 May 2016 14:01

Stellar Diamonds updates on Tongo mining-licence application

(ShareCast News) - Stellar Diamonds has been verbally told its application for a mining licence over its 100%-owned Tongo project in Sierra Leone has approved by the Minerals Advisory Board there. The company said the licencing process remained subject to the National Minerals Agency formally writin

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31 May 2016 09:47

WINNERS & LOSERS SUMMARY: Alliance Trust Rises On RIT Approach

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31 May 2016 07:32

Stellar Diamonds Receives Initial Approval For Tongo Mine Licence

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29 Mar 2016 08:37

Stellar Diamonds Interim Loss Narrows As Pursuit For Funding Continues

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