Mining group Stellar Diamonds prepares for Aim debut

By Garry White Published: 6:04PM GMT twenty-one February 2010

The company, that additionally lifted �5m by a placing, is approaching to have a marketplace capitalisation of about �19m when traffic begins. Shareholders of West African Diamonds will see their shares combined in to Stellar Diamonds shares on a five-for-one basis.

John Teeling, stream authority of West African Diamonds, is approaching to renounce his purpose on Monday after the successful listing. Irish-based mining financier Mr Teeling shaped West African Diamonds from the resources of Aim-listed African Diamonds in Oct 2006.

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Last week, Mr Teeling said: "I instruct the new house and government each success. They have a great height on that to set up a critical African-based solid mining company."

Diamond prices are recuperating from last year"s lows of about $50 per carat to today"s normal carat cost of about $80.

The association plans to make use of income from dual producing alluvial mines at Bomboko and Mandala to account the growth projects in Sierra Leone and Guinea. RBC Capital Markets was the nominated confidant and attorney to the company.