Diamonds mined by junior Newfield Resources at the Tongo mine in Sierra Leone were auctioned off by the Bonas Group and fetched $1.44 million, according to thewest.com. Newfield Resources offered 5,330 carats of rough diamonds for sale, and the entire batch was purchased. The Tongo diamonds reached an average price of $269 per carat.
“There was a strong demand for our products, which consisted mainly of quality gemstones. This demand for high quality diamonds is reflected in the high average price of US$269 per carat. The high realized value of the diamonds, combined with the previously reported high grade of 2.7 carats per tonne of diamonds, is very encouraging and demonstrates the potential of the Tongo mine as a high grade, high value diamond mine,” said Newfield Resources CEO Carl Smithson.
Newfield Resources reportedly discovered six more diamond-bearing kimberlites in its mining area, which may build up the total resources of this diamond field. The company plans to focus on the development of the Kundu and Lando kimberlites, which have probable diamond reserves of 1.1 million carats concentrated in the upper 110-meter-thick layers.
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