Newfield and the Tongo Mine Development
In early 2018, Newfield Resources Limited (Newfield), an ASX-listed company, acquired Stellar Diamonds plc, a company listed on the London Stock Exchange (AIM). The key shareholders of Newfield have wide ranging business interests including property development, pharmaceutical, building materials and education.
The projects consolidated by the acquisition are situated in the major diamond producing areas of Sierra Leone and Liberia. The Company’s flagship asset is the high-grade and high-value Tongo Mine Development located in the Eastern Region of Sierra Leone. The Tongo Mine Development combines kimberlite dyke hosted diamond resources on two adjacent mining licences that cover over 134 square kilometres and host 11 known kimberlites.
Significant achievements at the Tongo Mine Development since early 2018 include:
- Completion of 11,000m mine development drill program
- Relocation and start to refurbishment of 50tph DMS processing plant
- Expansion of Tongo Mineral Resource estimate to 7.4 Mcts (+64%)
- Detailed underground mine planning completed
- Completion of Tongo FEED Study to +/-10% capital and operating cost estimates
- Declaration of 1.1 Mcts initial Ore Reserve estimate at Tongo
- Recruitment of key mine development and operational personnel
- Securement of key licences (environmental, mining, social)
- Commencement of excavation and pre-blast drilling of box cut for decline access
The recent completion of Front End Engineering and Design (FEED) work and commencement of underground portal excavation has laid the foundation for targeted FID and project build from 2H 2019.