Newfield Resources has entered into an asset purchase and sales agreement with DelGatto Diamond Finance Fund (DDFF) for an initial amount of $1.2-million (before costs), payable within 12 months from future diamond sales, to assist with the continued development of the company’s Tongo diamond mine, in Sierra Leone, and for general working capital.
“We are pleased to be working with the team at DelGatto and this deal gives the company the further capital to continue our Tongo diamond mine development, increase our production, and maximise value for our investors.
“We found DelGatto to be knowledgeable and flexible to our requirements and look forward to a long-term relationship with DDFF,” says Newfield executive director Karl Smithson.
“We are thrilled to assist in the growth of the Tongo diamond mine, which we believe that it is truly a generational asset.
“With 80% of its run of mine product being gem quality, Tongo is truly a unique diamond mine,” says DDFF Johannesburg office director George Mashinini.