Stornoway Diamond Corporation has transferred the remaining North Arrow project assets, and now the latter owns 100% stakes in both projects.
Under the terms of the contract of sale, North Arrow will acquire approximately 18% owned by Stornoway shares in the project Kilalugak, and approximately 15% stake in the project in exchange for the Pico 2 000 000 ordinary shares of North Arrow. As an additional reward Stornoway retain respectively 0.5% and 1.0% royalty on diamonds and 0.5% and 1.0% of net sales revenue side precious metals projects.
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The mining minister of Zimbabwe, Walter Chidhakwa, said that the decline in diamond mining in this country was so strong that he is no longer sure whether the diamond industry remained at all in Zimbabwe.
Diamond mining in Zimbabwe has been declining since diamond mining companies from alluvial deposits in the Marange region reported depletion of these precious stones.
According to the latest data 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 by 55%, to 4.71 million carats.
According to the local mining chamber, it is expected that in 2015 the extraction of stones will be 3.36 million carats.
"The drop in production turned out to be very significant. We are trying to understand why the volume of geological exploration was inadequate. Although this is even an understatement, in fact there has been no geological exploration at all, "the minister said at a meeting on the mining industry in the capital of Zimbabwe, Harare. - Diamond companies were satisfied with alluvial deposits and were happy with what they have, but then extraction from these deposits began to fall.
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