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Stellar Diamonds to sell Guinea assets for US$1.3M

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Stellar Diamonds to sell Guinea assets for US$1.3M

Stellar Diamonds Plc has decided to sell its assets in the Republic of Guinea to BDG Capital Ltd. subsidiary Gold Knight Ltd. for about US$1.3 million.

The companies signed conditional share purchase agreements, and Stellar has already received US$500,000 to date.

Stellar said Oct. 16 that it is required to pay government taxes in Guinea totaling about US$123,000.

The disposal comprises plant and equipment as well as shares in subsidiary companies, including Ressources Tassiliman Baoulé, which has a 75% interest in the Baoule project; Ressources Mandala Guinee, which holds the Mandala project; and West African Diamonds, which owns the Droujba project.

Completion of the deal is expected to occur later in October, the company noted.