Trustco Group Holdings Limited, a Namibian company, has shared significant news regarding its mining portfolio. This update comes after a detailed assessment of its Meya Mining asset.
Meya Mining’s Diamond Resource Estimate
Meya Mining, located in Sierra Leone, has completed a diamond resource estimate. The report was prepared by Z Star Mineral Resource Consultants.
Key Findings from the Report
The report covers the Meya River kimberlite domain. According to the assessment, the total kimberlite ore down to 800m is 6.05 million tonnes.
Grade and Carat Estimates
The ore’s in-situ grade is 33 carats per hundred tonnes. This translates to a total of 1.99 million carats.
Valuation of the Diamonds
The estimated value of these diamonds is USD 763 million. This value is based on an average price of USD 382 per carat.
| Category | Carats | Value (USD million) |
|---|---|---|
| Indicated | 104 | 104 |
| Inferred | 659 | 659 |
| Total | 1.99M | 763 |
Geographical Scope of the Assessment
The assessment covers a 2.8 km strike length of the Meya River domain. This represents less than 5% of the total licensed area.
Commercial Production Timeline
Meya Mining is expected to reach commercial production within the current financial year. This development is eagerly anticipated by Trustco shareholders.
Trustco’s Investment in Meya Mining
As of August 31, 2023, Trustco’s total investment in Meya Mining amounted to USD 116 million. This investment represents 34.1% of Trustco’s total investment portfolio.
| Metric | Value |
|---|---|
| Investment in Meya Mining | USD 116 million |
| Percentage of Portfolio | 34.1% |
Conclusion
Trustco’s latest update on Meya Mining provides significant insights into its diamond resources. The company’s shareholders are now better informed about the value and potential of their investments. The completion of the PEA report will provide further clarity and direction for Trustco and its stakeholders.