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Koidu in state of uncertainty

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Koidu in state of uncertainty

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 According to Africa Confidential, a ten-strong team led by Mines Minister Minkailu Mansaray was in London for crisis talks on Monday, on the future of the Koidu diamond mine, which is currently owned by Octéa Limited, a debt-laden subsidiary of the Israeli billionaire Beny Steinmetz’s BSG Resources (BSGR).

 

Mansaray’s team is meeting Octéa’s bankers, Standard Chartered Bank, to see if the mining company has the financial legs and commitment to continue.

If the government believes these are lacking it may revoke Octéa’s mining licences.

 

Rough and Polished says Octéa signed a deal with BSG Resources and diamond jewelry retail chain Tiffany’s, which would provide Octéa with $150 million in funding.

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