During a General Meeting of West African Diamonds, all resolutions to effect the acquisition of Stellar and associated fundraising of £5 million (gross) were passed, conditional only on Admission.
WAD will also change its name to Stellar Diamonds plc as from Admission. Existing WAD shares will be consolidated on a 5:1 basis.
A new board of directors [...]
Company News
West African Diamonds Renames to Stellar Diamonds; John Teeling Steps Down as Chairman
Africa
New Report urges UN to Learn Lessons on Resource-Fuelled Wars
The lack of a coherent and committed international approach to tackling the role of natural resources in conflict is costing lives in Democratic Republic of Congo (DRC) and heightening the risk of further unrest in other fragile states such as C?te d’Ivoire and Guinea, according to a new report from Global Witness.
Drawing on Global Witness’ [...]
Africa
West African Diamonds and Stellar Diamonds Combined Venture To be Relisted in Coming Months
Diamond News – diamond mining news: The combined venture of the merger between West African Diamonds (WAD) and Stellar Diamonds, a privately held diamond explorer and miner, will relist in the current quarter, subject to approvals and a successful fundraise, says a statement from WAD.
The combined venture will have two producing diamond mines in Guinea, [...]
Africa
Agreement Reached Over Merger Between Stellar Diamonds and West African Diamonds
A heads of agreement has been reached between Stellar Diamonds Limited and AIM listed West African Diamonds Limited to undertake a combination of business interests that, if successful will constitute a reverse takeover of WAD by Stellar. It is the intention of the Boards of Stellar and WAD to readmit the shares of the combined [...]
Africa
Zimbabwe Cited as ‘Distraction’ for Kimberley Process Participants in Continued Uninhibited Rough Diamond Trade From Ivory Coast
A new United Nations report to the Security Council by the Group of Experts monitoring sanctions on the Ivory Coast has found that the
extraction of diamonds continues unabated in northern Côte d’Ivoire. The report describes this continued mining as ‘the foremost challenge facing the embargo on rough diamond exports from Côte d’Ivoire’, noting that the [...]
Africa
Stellar Diamonds Reports Sales of US$410,000 in June and July, Gemstones of Up to 7.89 CT Recovered on Mandala, Guinea
SearchGold Resources Inc. has announced encouraging progress for Stellar Diamonds Limited in which it holds 2.7 million shares or an interest of 5.5%.
The Mandala alluvial diamond project is 100% owned by Stellar and comprises two alluvial mining concessions in southeastern Guinea. The project comprises an independently verified diamond resource of 535,000 carats (NI 43-101 compliant). [...]
Africa
Several African Countries Cited as Using Child Labor in Diamond Mining Sector
Several countries, namely Angola, Central African Republic, the Democratic Republic of Congo, Côte d’Ivoire, Ghana, Guinea, Liberia, Sierra Leone and Zimbabwe, appear in the recently released United States Department of Labor report on Child Labor.
Angola
The report explains that some children in rural areas work in artisanal diamond mining, noting that “Congolese children are trafficked into [...]
Miscellaneous
2008 Global Diamond Production Down 3% From 2007; Value Up by Nearly 7%; Kimberley Process Certification Levels Down by About a Quarter
Despite the turbulent effects on the global diamond industry due to the global financial crisis, global diamond production figures are only slightly down (just 3%) for the year 2008 compared to 2007. Despite this slight drop in production levels, the value of the production increased by 6.7%, with the average per carat value increasing by [...]
Africa
West African Diamonds Sells 16 Carat Diamond for US$1,000 per Carat
West African Diamonds plc, the AIM listed diamond miner has sold a sample parcel of diamonds from it’s 100% owned Bomboko alluvial diamond mine in Guinea.
The diamond parcel weighing 433 carats was sold in Antwerp for US$50,270. The largest stone, a 16.27 carat gem, was sold for US$1,000 per carat, with the remaining 416.73 carats being sold for US$34,000.
WAD [...]
Africa
Mano River and African Aura Sign Agreement Re Proposed Merger
Mano River Resources Inc. and African Aura Resources Ltd. have entered into the definitive combination agreement in respect of their proposed merger. Mano River will offer 1.57 Mano River shares for every one African Aura share in order to acquire the entire issued share capital of African Aura. The transaction is structured as a merger [...]
Africa
Civil Society Groups Warn Effectiveness of Kimberley Process Compromised
A landmark scheme established in 2003 to prevent trade in conflict diamonds is potentially failing in its objectives, campaigners have said.
Ahead of a key meeting of the Kimberley Process Certification Scheme (KPCS) in Namibia, a coalition of civil society groups said that despite having all the tools in place, the scheme was failing effectively to [...]
Africa
U.S. State Dept Warns Over Counterfeit Guinea KP Certificates
In recent weeks, two attempts have been made to present Kimberley Process Certificates allegedly from the Republic of Guinea for purposes of importation into the United States, warns Brad Brooks-Rubin, the United States Department of State’s Special Advisor for Conflict Diamonds.
Following effective due diligence, a U .S. customs brokerage notified the Department of State, which [...]
