Shares digital

Mining minnow West African Diamonds (WAD:AIM) should make its first gold and diamond sales by late March after starting commercial production on its Plant 11 tailings project in Sierra Leone. The seven million tonne deposit is forecast to produce $9 per tonne worth of gold and $3 per tonne of diamonds. This equates to $84 million value on the project before costs and tax. It has already extracted 3,100 diamonds (198 carats) from 16,100 tonnes of material. West African owns 60% of the deposit and pays a 3.5% royalty to locals. The news triggered a 5.5% increase in the company’s share price to 24p.

by: Dan Coatsworth