Newfield Resources has entered into a $55 million equity funding facility with SBC Global Investment Fund to advance the company’s Tongo diamond mine in Sierra Leone towards commercial production.
The funding allows the company to access the equity capital over 36 months to fund the ongoing expansion of the mine.
Newfield will issue an initial placement of 1,453,488 shares to the investor at an issue price of $0.344, raising $500,000 before costs upon signing the facility agreement.
“We are very pleased to have the support of a high-quality, independent global investment group,” said company executive director Karl Smithson.
“This partnership enables Newfield to expedite the development of its Tongo diamond mine and advance the project into commercial production.”
The funding facility will allow flexibility on the timing of any placement to raise capital but will not oblige Newfield to proceed with any placement.
The flagship Tongo diamond project entered production earlier this year with carats mined from underground and surface locations contributing to the first production sale of more than 5,000 carats in Antwerp in May 2022, at a sales price of $262 per carat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
