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2 minutes read

Trustco’s Meya Mining Investment Confirms N$15 Billion Diamond Resource

Trustco Group Holdings Limited has announced that Meya Mining, in which Trustco’s mining portfolio holds a 19.5% interest, and is located within the eastern province of Sierra Leone, has released promising findings from a diamond resource estimate for the Meya River Kimberlite Dyke.

The report confirms the total kimberlite ore down to a depth of 800m below surface is 6.05 million tonnes. The assessed in-situ grade is 33 carats per hundred tonnes, translating to a total of 1.99 million carats contained within Meya River and an estimated value of US$763 million (about N$15 billion) (of which USD 104 million is in the indicated category and USD 659 million inferred), based on an average value of US$382 per carat.

Quinton Z van Rooyen, Trustco’s Deputy CEO, stated, “The findings from the Meya River Kimberlite Dyke are encouraging and validate our investment in Meya Mining. This resource estimate underscores the potential of the mine, and we are excited about the next steps in advancing this diamond resource.”

This assessment covers a 2.8 km strike length of the Meya River Dyke, which represents less than 5% of the total combined strike lengths of the kimberlite domains within Meya Mining’s licensed area. Five of the largest diamonds discovered globally have come from this area. Notably, in November 2017, the Meya Prosperity Diamond, the 29th largest diamond at the time, was unearthed at this site and subsequently sold for US$16.5 million. Updates on ongoing drilling and exploration within the license area will be provided as additional resources are proven.

The mine is expected to scale up commercial production within the current financial year. The resource evaluation findings will form a pivotal part of an upcoming Preliminary Economic Assessment (PEA) report, providing a comprehensive economic analysis of the Meya River Dyke’s development potential. As of August 31, 2023, Trustco’s total investment in Meya Mining amounted to USD 116 million, representing 34.1% of Trustco’s total investment portfolio at that time.

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