Windhoek, Khomas, Namibia, twenty eighth Aug 2024 – Trustco Group Holdings Ltd (“Trustco”) is happy to announce that Meya Mining (“Meya”), by which Trustco holds a 19.5% curiosity, has recovered a outstanding 391.45-carat diamond. This vital discover was made within the Kono District of Sierra Leone, inside an space that spans the Kamara Gbense and Tankoro chiefdoms. Meya holds a 25-year unique diamond mining license for the Kono District.
The diamond, recovered on Tuesday, 20 August 2024, is the second distinctive diamond mined from the Meya River kimberlite area—the primary of 16 kimberlite domains inside the firm’s licensed space to be focused. Notably, in November 2017, Meya Mining recovered a 476-carat Sort IIa diamond, referred to as the Meya Prosperity, throughout its preliminary bulk sampling program. Just like the Meya Prosperity, which was initially a part of a 523.44-carat diamond that fragmented into three items (476.98 carats, 27.89 carats, and 18.58 carats), this newest discovery concerned a 514.99-carat diamond that additionally broke into three items, yielding stones of 391.53 carats, 105.43 carats, and 18.11 carats.
Mr Quinton Z van Rooyen, Deputy CEO of Trustco
Quinton Z van Rooyen, Deputy CEO of Trustco, commented on the invention: “Six of the world’s largest diamonds have been discovered in the area surrounding Meya Mining’s licensed zone. These notable diamonds include the 770-carat Woyie Diamond (1945), the 620-carat Sefadu Diamond (1970), the 969-carat Star of Sierra Leone (1973), the 709-carat Peace Diamond (2017), the 476-carat Meya Prosperity (2017), and now the 391-carat diamond recovered in 2024. Where the Meya Prosperity diamond was once viewed as a unique occurrence, it is now clear that this region possesses an exceptional geology. We are excited about the prospect of continued exploration and the opportunity to uncover even more significant diamonds in the future.”
Jan Joubert, CEO of Meya Mining, commented on the Meya’s newest restoration: “Only four mines in the world infrequently recover these exceptional >500 carat diamonds. The fact that Meya has recovered two >500 carat Type IIa diamonds after treating only 84,195 tonnes of competent kimberlite from the Meya River domain, suggests that there is a high probability of recovering more and possibly bigger diamonds once the mine reaches steady state production of 500,000 tonnes kimberlite throughput per annum. Our priority now is to ensure that going forward we can recover these high value stones intact. We will work closely with our engineering and processing partners to upgrade the plant, eliminate breakages and increase its capacity to recover exceptionally large diamonds.”
In response to this discovery, Julius Mattai, Sierra Leone’s Minister of Mines and Mineral Sources, expressed hope that, “the discovery of the 391-carat diamond would once again alert the world to Sierra Leone’s mineral resource potential and engender a renewed interest in investing in the country’s mining sector. I am especially pleased with the transparent approach taken by the Company to determine the market value of this stone and maximise the economic distribution to all key stakeholders.”
Extra just lately, on June 5, 2024, shareholders have been suggested that Z Star Mineral Consultants, an unbiased consulting agency, established that the positioning useful resource worth of Meya Mining was valued at USD 763 million. This worth referred to the Meya River area, which represents lower than 3% of the Meya Mining undertaking. The Z Star Mineral Consultants report (Obtainable right here) highlighted that the typical promoting worth of diamonds recovered from the Meya River area on public public sale is USD 380 per carat. Nevertheless, this common worth excluded distinctive stones on account of their distinctive nature.
Trustco’s funding in mining was initiated in 2015 with the strategic goal of diversifying Trustco’s funding holdings into the pure sources sector. It goals to generate USD returns, performing as an inner hedge in opposition to potential macroeconomic impacts on the group’s conventional markets in Namibia and South Africa. Whereas the mining mandate encompasses constructing a diversified mining portfolio, the first focus stays on unlocking the complete financial potential of its diamond belongings, as Meya Mining’s mining license space has yielded 5 of the world’s largest stones recovered.
Trustco will proceed to offer updates because the Preliminary Financial Evaluation (PEA) report is finalized and as extra info on these discoveries is launched. With the continued growth of Meya Mining, Trustco continues to display its means to place itself for continued excessive progress success in its mining portfolio. Trustco’s strategic funding in Meya Mining is ready to yield glowing returns for years to return.
About Trustco:
Trustco Group Holdings Ltd is an funding entity headquartered in Windhoek, Namibia, which manages a various portfolio of investments spanning the insurance coverage, actual property, non-deposit taking monetary companies, micro-finance, training, and mining sectors. Selections are biased in direction of generational funding efficiency alongside shareholder wealth creation, and short-term hurdles are seen as catalysts for future progress.
Since inception in 1992, Trustco’s funding portfolio has delivered sturdy returns with a CAGR of 68.97%, with a well-balanced asset combine, with a present common weighting of 34% in US Greenback primarily based belongings, whereas the remaining 66% is invested in Namibia Greenback (1 NAD = 1 ZAR) primarily based belongings. Trustco enjoys the backing of a variety of coinvestors, together with 3 610 from Namibia, 1 443 from overseas, and 94 from institutional entities.
About Namibia:
Namibia is a Southern African nation with a inhabitants of roughly three million and a GDP per capita of USD 5 031 in 2022. The nation is endowed with wealthy pure sources, with current main discoveries of oil and fuel reserves, lithium deposits and uncommon earth minerals which can be very important for expertise demand globally, with developments additionally underway in its inexperienced hydrogen tasks.The Namibian authorities has heralded these discoveries as a transformative interval, holding the potential to double the nation’s GDP by 2040.
The nation’s financial system expanded by 4.2% in 2023 and is projected to develop by 3.7% in 2024, following a restoration of 5.3% in 2022 from the COVID-19 pandemic. With its wealth of pure sources, pro-business setting, political stability and more and more expert workforce, Namibia affords engaging funding prospects throughout all sectors.
Ahead-Wanting Statements:
All statements made on this media launch with respect to Trustco’s present plans, estimates, methods beliefs and different statements that aren’t historic details, together with statements relating to Trustco’s plans to improve its ADR program and the outcomes of such an improve, are forward-looking statements. In some circumstances, you’ll be able to establish forward-looking statements as a result of they include phrases equivalent to “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the detrimental of those phrases or different comparable phrases or expressions. Such statements mirror the present views of administration and are topic to various dangers and uncertainties. The Firm could not truly obtain the plans, intentions or expectations disclosed in its forward-looking statements, and you shouldn’t place undue reliance on these forward-looking statements. The statements are primarily based on many assumptions and elements, together with normal financial and market situations, trade situations, and working elements. Any adjustments in such assumptions or elements might trigger precise outcomes to vary materially from present expectations.
Media Contact
Group: Trustco Group Holdings
Contact Individual: Neville Basson
Web site: https://www.tgh.na
Electronic mail: Ship Electronic mail
Contact Quantity: +264612754501
Handle: 2 Keller Avenue, Trustco Home
Handle 2: Windhoek
Metropolis: Windhoek
State: Khomas
Nation: Namibia
Launch Id: 28082416225
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