{"id":50173,"date":"2023-07-29T16:51:31","date_gmt":"2023-07-29T16:51:31","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine"},"modified":"2023-07-29T17:26:54","modified_gmt":"2023-07-29T17:26:54","slug":"trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine","title":{"rendered":"Trustco to co-invest N$1.3 billion in Meya diamond mine"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Trustco yesterday announced a transformative US$75 million (over N$1.3 billion) co-investment in its resources portfolio, specifically the Meya diamond mining operation in Sierra Leone. The capital injection is expected to fully fund the mine\u2019s accelerated production ramp-up, and to enable Trustco to recycle its initial investment capital, in line with its investment strategy.<\/p>\n

According to a Trustco statement, Sterling Global Trading has committed to a US$50 million (N$882 million) investment comprising US$25 million (N$441 million) in equity for a 70% stake and a US$25 million loan. An additional US$25 million loan is expected from third-party capital sources.<\/p>\n

\u201cAs part of the team that initially approved Trustco\u2019s investment in Meya years ago, it is deeply gratifying to see this project come full circle and deliver significant value,\u201d said Quinton Zandre\u0301 van Rooyen, Deputy CEO of the Trustco Group.<\/p>\n

\u201cWe are proud to partner with a globally-respected player like Sterling, possessing unrivalled expertise in diamond mining. With their assistance, Meya is poised to scale its world-class underground operations exponentially as we pursue increased production. Since inception as a concept in 2016, Meya has developed into a thriving enterprise, supplying over 400 jobs and uplifting local communities. This transaction represents a major milestone, allowing Trustco shareholders to realise significant value from the early-stage investment, and ensures that Trustco is well-positioned to provide exceptional returns to investors for years to come,\u201d Van Rooyen enthused.<\/p>\n

The Trustco statement added that Meya holds a large-scale mining licence, spanning 129 square kilometres in Sierra Leone\u2019s prolific eastern diamond fields.<\/p>\n

\u201cInitial exploration indicates a resource of seven million carats, underpinning a 15-year underground mine plan targeting one million carats of annual production.<\/p>\n

The capital injection will facilitate key enhancements, like the commissioning of a state-of-the-art NIR (near infrared) waste sorter and expanded plant capacity. It also provides operating funds to accelerate underground development,\u201d they noted.<\/p>\n

Trustco retains a 19.5% stake in Meya, while local investor Germinate SL holds 10.5%.<\/p>\n

\u201cThe deal enables Trustco to re-balance its investment portfolio after investing approximately US$116 million (over N$2 billion) in the diamond mine.<\/p>\n

Trustco\u2019s stake is now poised to deliver strong returns. Meya has delivered its first underground production during July 2023, with the long-term mine plan primed to generate sustainable high-margin diamond output, positioning it as a tier- one asset,\u201d the statement added.<\/p>\n

Trustco said this investment marks an important step in providing value for their shareholders, as the group believes Meya\u2019s world-class development is set to enhance its diamond mining operations and sustain positive momentum across the entire portfolio.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Trustco yesterday announced a transformative US$75 million (over N$1.3 billion) co-investment in its resources portfolio, specifically the Meya diamond mining operation in Sierra Leone. The capital injection is expected to fully fund the mine\u2019s accelerated production ramp-up, and to enable Trustco to recycle its initial investment capital, in line with its investment […]<\/p>\n","protected":false},"author":84,"featured_media":50172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-50173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nTrustco to co-invest N$1.3 billion in Meya diamond mine - Namibia<\/title>\n<meta name=\"description\" content=\"Trustco yesterday announced a transformative US$75 million (over N$1.3 billion) co-investment in its resources portfolio ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trustco to co-invest N$1.3 billion in Meya diamond mine\" \/>\n<meta property=\"og:description\" content=\"Trustco yesterday announced a transformative US$75 million (over N$1.3 billion) co-investment in its resources portfolio ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-29T16:51:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-29T17:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/07\/sm_1690638972.843003.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"470\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trustco to co-invest N$1.3 billion in Meya diamond mine\",\"datePublished\":\"2023-07-29T16:51:31+00:00\",\"dateModified\":\"2023-07-29T17:26:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\"},\"wordCount\":439,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/07\/sm_1690638972.843003.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-co-invest-n1-3-billion-in-meya-diamond-mine\",\"name\":\"Trustco to co-invest N$1.3 billion in Meya diamond mine - 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