Takeover of West African Diamonds by Stellar Diamonds is soon to finalise

The takeover of West African Diamonds (WAD) by Stellar Diamonds is reaching its finalisation, reports say. The takeover will result in the new company being named under Stellar Diamonds' name, with an ownership as 75-25 ratio with WAD, and having two diamond-producing mines in Guinea, and three joint ventures in Sierra Leone, reports say. The new company will also have two kimberlite projects and will develop them using new finance, reports add.

WAD is likely to relist its financial results in the first quarter of 2010, after its takeover. WAD had announced an operating loss of €128,000 for the six months ending October, while in the same months last year it had noted a €113,000 loss.