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Fri 5 Aug 2016 01:20 AM

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Dubai firm inks deal to acquire Guinea, Liberia diamond mines

Citigate Commodities Trading Limited inks agreement as part of expansion push in West Africa

Dubai firm inks deal to acquire Guinea, Liberia diamond mines

A Dubai-based commodities trading company has signed an agreement to acquire diamond mines in Guinea and Liberia.

Citigate Commodities Trading Limited said the deal has been signed with Stellar Diamonds, a London Stock Exchange listed diamond development company focused on West Africa.

The agreements include a Baoulé kimberlite mining project in Guinea that has a resource estimation of approximately 3 million carats and two exploration licences in western Liberia, which have recently been awarded to Stellar Diamonds.

Citigate, via its subsidiary Safa Afrique Limited, will fully acquire the Guinean and Liberian mines pursuant to the joint venture agreements with Stellar Diamonds, a statement said.

“Adding the Guinean and Liberian mines to Citigate’s portfolio gives us substantial leverage in the GCC by securing additional assets in two of West Africa’s most prolific diamond producing nations,” said Tohib Iyiola, founder and CEO of Citigate.

“With one mining project already in production, Citigate is working to rapidly expand its portfolio of projects for its West African diamond operator, SafaAfrique, in order for it to develop and flourish.”

He added that Citigate is looking to increase and secure assets in West Africa’s renowned diamond producing nations, Guinea, Liberia, and Sierra Leone.