These funds will be deployed for Safa Afrique’s diamond mining portfolio which primarily consists of its flagship project in Sierra Leone as well as two joint venture projects in Guinea and Liberia with Stellar Diamonds, a London-listed company.
Work on the project will begin immediately with activities running simultaneously at all sites. Stellar Diamonds, an experienced West African diamond developer, will be operating both mines for the first phase while Citigate Commodities Trading DMCC has been appointed as the official off-taker of all diamonds produced. The redemption date for all investors will be December 2019.
Bridging the gap
Tohib Iyiola, CEO, Citigate International, said: “Our vision is to bridge the gap between the GCC and African region by offering GCC investors opportunities to capitalize on the natural resources in West Africa and Safa Afrique is the first step towards our success. Being a secure, Shariah-compliant fund, Safa Afrique attracted tremendous interest from GCC-based investors.
Emphasizing on the quality of material supplied by Citigate, Iyiola said: “We make sure that our precious metals and gems follow all necessary government required protocols i.e. DMCC-responsible sourcing and Kimberley process certification scheme. We are conscious of our corporate social responsibility and ensure that the produce we bring to trade is conflict-free.”