Stellar takes control of Kono

PETRA Diamonds yesterday said it had completed the disposal of its interest in the Kono Diamond project in Sierra Leone in exchange for shares in Stellar Diamonds, the project’s joint venture partner.

The project is an underground trial mining operation covering 206 sq km and is now fully controlled by Stellar.

The group said it had issued 4.5m shares to Petra at 20p a share, equivalent to a transaction consideration of £900,000. Petra now holds shares representing 4.45 per cent of Stellar’s issued capital and has agreed not to dispose of any for 12 months.