Dubai-based Citigate Commodities Trading Limited has announced the acquisition of the Kimberlite diamond concession in Sierra Leone.
Located next to one of the country’s largest diamond reserves, Citigate’s extraction and mineral rights are spread over an area of 79 square kilometres to explore diamonds.
This project is expected to complete its exploration activities and begin Kimberlite mining in 18 months, the company said in a statement.
Citigate said its vision is to tap into Africa’s vast natural resources and help boost mineral export volumes between Africa, The Gulf region and Asia.
To many troubled economies, precious minerals and base metal deposits have become tangible assets. Citigate deals in diverse commodities across the globe and this new project is aimed at linking its Dubai operation to Africa followed by the rest of the GCC countries, with its anticipated mass production and supply with Dubai being the gateway to the region.
Tohib Iyiola, director Middle East said: "The acquisition of Kimberlite diamond concession in Sierra Leone is of great significance for us and will add enormous value to our existing portfolio of activities. Our strategic location in Dubai allows us to serve our key markets with ease.”
Citigate is trade regulated by the Dubai Diamond Exchange which is one of the top three diamond trading centres in the world with an annual diamond business valued at $30 billion.
Sierra Leone is world-famous for high quality diamonds. The 968.9-carat Star of Sierra Leone diamond was discovered by miners in February 1972 in the Diminco alluvial mines in the Koidu area of Sierra Leone. It ranks as the fourth-largest gem-quality diamond and the largest alluvial diamond ever discovered.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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