Sierra Leone News: Citigate launches Sierra Leone diamond project in Sierra Leone.
Citigate Commodities Trading Limited, a Dubai-based company, has announced the acquisition and launch of a 79.9sq-km diamond mine
The announcement was made at a gala event at the Ritz Carlton DIFC, and was hosted by Citigate International CEO, Tohib Iyiola. The event also celebrated the first anniversary of the company's Dubai office.
The event was attended by Al Haji Minkailu Mansaray, Minister of Mines and Mineral Resources, who was joined by many other dignitaries, business leaders and industrial experts who flew in from all corners of the world to attend the grand launch of the Safa Afrique project.
"We are proud to announce that tonight, we have achieved our first milestone towards our vision by launching the Safa Afrique diamond mining project. Our vision is to bridge the gap between the GCC and African region to capitalize on the natural resources sector and this is the first step towards our success," said Iyiola.
He added, "our aim is to introduce new investment vehicles which can assist investors from the GCC to participate in the vast natural resources and mineral reserves in Africa. We have made it secure, flexible and transparent by introducing an investment proposition with an income guarantee backed by a bank. We are providing investors a platform to access the emerging market of diamond mining industry in West Africa through Citigate International Investment Trust. It is an industry which has a track record of exponential growth."
The parent company of Citigate Commodities is Citigate International, which has also launched the Citigate International Investment Trust domiciled in Hong Kong. The key strategic affiliate for the Safa Afrique project includes Noor Bank and SRK Exploration.
Iyiola stated "Citigate Commodities Trading aims to boost diamond exports and trade for the Middle Eastern market by achieving a fully integrated operation, which is from exploration to export."
The site of SafaAfrique is located in the most famous area of Koidu, which is home to the third largest diamond, the Star of Sierra Leone. The mining project is neighbouring the largest diamond mine of West Africa which certainly provides a competitive edge to the project, the statement said.
"Moreover, the initial exploration survey report by the world's leading firm SRK Exploration has expressed their confidence in the project during their geological survey. Diamond mining is a growing industry which has achieved year on year growth. African region is famous for diamonds all over the world but it is perceived as a high risk business due to multiple legal and political factors," it added.
Iyiola said, "As part of our CSR initiative, we have already allocated a significant fund to refurbish the schools in the Kono District. We believe that an educated nation is an empowered nation."
Citigate Commodities Trading is registered in Dubai Multi Commodities Centre (DMCC) with its head office in London, UK.
Credit TradeArabia News Service.
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