Petra Diamonds Suspends Kono Project

Petra diamonds  a London based company has suspended the Kono project in Sierra Leone, due to the fall in diamond prices. The mining region is the Kono district in the Eastern Province of Sierra Leone.

The Kono project is a trial mining project, a joint venture with Stellar Diamonds Ltd. Funding for the project is solely by Stellar Diamonds Ltd.

“This decision will be reviewed by both parties when the rough diamond market improves sufficiently to achieve a more reasonable sales value for the Kono trial mining production” said a statement issued by Petra Diamonds.

The trial mining at Kono so far has produced over 4400 carats of diamonds. A parcel containing 2,697 carats was sold in Antwerp for US$ 125,000.

Diamonds were first discovered in the Kono District in 1930, which were mostly alluvial deposits.

An airborne electromagnetic geophysical survey to discover kimberlite pipes and blows was completed in 2008.

External Links

Rapaport Diamond Report

Petra Diamonds

Reuters

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