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Newfield and the Tongo Mine Development
Newfield’s key project is the Tongo Diamond Mine in eastern Sierra Leone, which is at the production stage. The mine hosts a JORC compliant 8.3 million carat resource, of which 1.1 million carats is declared as a probable reserve. First production from Tongo has confirmed the high grade and high value status of the reserve. Two diamond sales, totalling over 12,000 carats, have realised an average sales value of $216 per carat, whilst in-situ mining grades of over 3 carats per tonne are being achieved.
Operational Highlights
Newfield has developed its Diamond Mine in Sierra Leone to the production stage. The Mine produces predominantly gem quality diamonds suited to the luxury jewelry market
Significant diamond resource and reserve of 8.3 million carats(1) 17 year life of mine scheduled
US$80 million capital expenditure since 2018 de-risks the project
Underground development of >2,000m completed to reach first mining level 50m below surface
Over 200 employees on site led by highly experienced mining and operations team
Mining grades exceeding forecasts by average of 38%
First two diamond sales, totaling 12,457 carats, generated sales of US$2.7 million at an average price of US$216 per carat. Sales confirmed high quality and strong market demand for Newfield’s diamonds