Citigate Commodities Trading Limited Announces Acquisition of Kimberlite Diamond Concession in Sierra Leone
Citigate Commodities Trading Limited announced today the acquisition of kimberlite diamond concession in Sierra Leone. Located adjacent to one of the country’s largest diamond reserves, Citigate’s extraction and mineral rights are spread over an area of 79 square kilometres to explore diamonds. This project is expected to complete its exploration activities and begin Kimberlite mining in 18 months.
Citigate’s vision is to tap into Africa’s vast natural resources and help boost mineral export volumes between Africa, The Gulf Cooperation Council (GCC) and Asia. The company aims to capitalize on the new silk route and one of the top three Global Diamond Trading Hubs in the world, Dubai. With the dwindling prices of oil, it is important for nations to diversify their economies, therefore, the need to fully explore the mining sector appears somewhat imperative.
To many troubled economies – precious minerals and base metal deposits have become tangible assets. Citigate Commodities Trading Limited deals in diverse commodities across the globe and this new project is aimed at linking its Dubai operation to Africa followed by the rest of the GCC countries, with its anticipated mass production and supply with Dubai being the gateway to the region.
Mr. Tohib Iyiola, Director Middle East said, “We have successfully leveraged on the tremendous opportunities in the commodities sector and have built a solid foundation with a global network. Headquartered in the UK with operations in Europe, Asia, Middle East and Africa, Citigate are trade regulated by the Dubai Diamond Exchange. Diamonds are one of the minerals traded including Gold and other precious metals and gems etc. Therefore, the acquisition of kimberlite diamond concession in Sierra Leone is of great significance for us and will add enormous value to our existing portfolio of activities. Our strategic location in Dubai allows us to serve our key markets with ease.”
Dubai is one of the top three diamond trading centres in the world and the annual diamond business in the UAE is valued at US$30 billion. Earlier this year, the UAE took over as chair of the Kimberley Process Certification Scheme represented by Dubai Multi Commodities Centre (DMCC), the UAE Ministry of Economy’s authority for the Kimberley Process Certification Scheme, and Dubai Diamond Exchange.
Emphasizing on the quality of material supplied by Citigate Commodities Trading in Dubai and elsewhere, Mr. Iyiola said, “We make sure that our precious metals and Gems follow all necessary government required protocols i.e. DMCC responsible sourcing and Kimberley processes certification. We are conscious of our corporate social responsibility and ensure that the produce we bring to trade is conflict free.”
Honourable Alhajji Minakailu Mansary, Sierra Leone’s Minister of Mines and Mineral Resources, while commenting on the project, expressed the government’s confidence in the company’s ability to honour its corporate social responsibilities. “We have confidence in Citigate Commodities Trading Ltd’s commitment to the set conditions of corporate social responsibility”, declared the honourable minister.
Sierra Leone is world-famous for high quality diamonds. The 968.9-carat (193.78 g) Star of Sierra Leone diamond was discovered by miners on February 14, 1972 in the Diminco alluvial mines in the Koidu area of Sierra Leone. It ranks as the fourth-largest gem-quality diamond and the largest alluvial diamond ever discovered.
Mr. Iyola concluded by saying that, “This acquisition will definitely add to the competitive edge of Citigate Commodities. Due to the strategic location of the project and timing of our acquisition, the project has attracted significant interest from the industry participants and investment experts.”
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