Having recently completed a positive Front End Engineering and Design (“FEED”) Study and declared initial Probable Reserves of just over one million carats of diamonds at 100 cpht, Newfield Resources (“Newfield” or “the Company”) is set to commence development of the Tongo Kimberlite Project (“Tongo” or “the Project”) in eastern Sierra Leone, with an FID expected in Q3, CY19.
The Project, which is held under two granted large scale Mining Licences (“ML”), is fully permitted and thus ready to go. One ML, Tonguma, is held by Octea Limited (“Octea”), with Newfield’s subsidiary Sierra Diamonds operating under Tribute Mining and Revenue Sharing Agreements with Octea.
