As stated in the diamond mining company, the acquisition was deemed reverse takeover in accordance with the AIM Rules for Companies Exchange.
"Although, Stellar longer intends to acquire a license Tonguma, both of our companies (Stellar and Octea) continue to work towards the completion of the transaction, which would allow to combine and achieve commercial production in the diamond concessions of high-priority fields Tongo region", - said Karl Smithson ( karl Smithson), CEO of Stellar Diamonds.
"The structure of the agreement will allow Stellar to be the operator of mines and marketer of diamonds produced through a simplified agreement on profit-sharing, some of which will be paid Octea", - he added.
Smithson said that there is considerable potential for increasing the indicated resources at Tongo projects and Tonguma over the current value of 4.5 million carats by entering into a plan for future additional kimberlite mines high in diamonds.
"We hope to be able to bring a formal agreement and audit completion in the near future we will continue to work with potential strategic investors." - Smithson said.
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The Chamber of Mines of Zimbabwe reported that a decrease in the volume of diamond mining in the country could negatively affect the revenues from the export of minerals.
President of the Chamber of Mines, Toi Muganyi, reported at a meeting on mining issues, which is currently taking place in Harare, the capital of Zimbabwe, that 2,241 million carats of diamonds were mined in this African country in January-August.
It is expected that in 2015 the extraction of stones will be 3.36 million carats, he added.
According to figures released by the Kimberley Process (KP), diamond mining in Zimbabwe fell by 56% to $ 238.6 million in 2014, and the volume of mined stones to 4.771 million carats.
Muganji said that gold, Platinum diamonds and diamonds bring Zimbabwe more than 80% of revenues from the sale of minerals.
Therefore, he notes, the decline in diamond production, which peaked in 2012, will have a significant impact on the total revenues from the sale of minerals.
Harare reports that diamonds in the Marange region, the country's largest alluvial diamond reserves, are nearing the end, and diamond mining companies are planning to start mining precious stones from conglomerate deposits, which, however, will only be possible with high investment and technological capabilities.
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