Dubai based Citigate Commodities Trading Limited has announced its intentions to invest in Ghana as part of the company’s expansion drive into Africa.
The minerals company plans to secure primary sources of commodities in Ghana and other countries across the sub-Saharan Africa region.
It recently acquired mining projects in Sierra Leone and Guinea and said, it is actively looking to expand its portfolio to Ghana.
A press release issued by the company said the firm has strategically teamed up with U.K. based Stellar Diamonds Plc. to execute new diamonds mining projects in Guinea and to operate some exploration licenses in Western Liberia.
“This timely joint venture between the two companies represents a significant development in the region’s mining industry,” it noted.
According to Citigate, the joint venture relationship is to help the two companies to effectively execute the Baoulé kimberlite project (“Baoulé”) in Guinea which has a resource target of approximately three million carats, adding that, the joint venture also relates to two new exploration licences in western Liberia (“Liberia Licences”).
“The licences have recently been awarded to Stellar Diamonds. Upon completion of the due process by Citigate, the two parties will then enter into definitive joint venture agreements for each of the listed projects,” it said.
Citigate Commodities Trading Limited is a Dubai based international group led by entrepreneur and founder Tohib Iyiola, a British born Nigerian.
The group has exploration assets in Sierra Leone, currently coordinated by SRK Consulting, and also specialises in the supply of raw commodities, particularly, gold and diamonds, to manufacturing and retail groups.
The Liberia Joint Venture operation has a land mass of 670 square kilometres and very close to Sierra Leone’s border and is famous for the rare fancy coloured diamonds.
Stellar Diamonds Plc., on the other hand, is the London listed (AIM: STEL) diamond development company that is focused on West Africa. The company has recently been awarded two new exploration licences in western Liberia.
After signing the joint venture deal, Citigate Commodities Trading Company will own up to 75 per cent equity of the Baoulé operation and 85 per cent of the joint Liberian licences.
By Times Reporter