Dubai-based Citigate Commodities Trading Limited has announced the launch of a 79.9 sq km diamond mine in Sierra Leone.
Located next to one of the country’s largest diamond reserves, Citigate’s extraction and mineral rights project is expected to complete its exploration activities and begin mining in 18 months.
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.
“We are proud to announce that we have achieved our first milestone towards our vision by launching the Safa Afrique diamond mining project. Our vision is to bridge the gap between the GCC and African region to capitalise on the natural resources sector and this is the first step towards our success”, said Tohib Iyiola, CEO of parent company Citigate International.
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.
Speaking at a launch event in Dubai, Iyiola added: "Our aim is to introduce new investment vehicles which can assist investors from the GCC to participate in the vast natural resources and mineral reserves in Africa.
"We are providing investors a platform to access the emerging market of diamond mining industry in West Africa through Citigate International Investment Trust. It is an industry which has a track record of exponential growth."
The site of Safa Afrique is located in the area of Koidu, which is home to the third largest diamond, the Star of Sierra Leone. Diamond mining is a growing industry which has achieved year on year growth. The African region is famous for diamonds all over the world but it is perceived as a high risk business due to multiple legal and political factors.
Iyiola said: “Citigate Commodities Trading aims to boost diamond exports and trade for the Middle Eastern market by achieving a fully integrated operation, which is from exploration to export."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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