Stellar Diamonds has agreed to sell its assets in Guinea to a subsidiary of BDG Capital for a final purchase price of $1.25m
Stellar has already received $0.5m of that amount. It will get the rest once it pays certain government taxes in Guinea of about $123,000, expected to occur later this month.
"Stellar's carrying cost in Guinea is approximately $70,000 per month and we look forward to focusing our resources exclusively on progressing the high-grade and high value 4.5 million carat Tongo-Tonguma kimberlite mine development project in Sierra Leone," chief executive Karl Smithson said.
At 8:27am: (LON:STEL) Stellar Diamonds PLC share price was 0p at 2.88p