Newfield Resources Ltd (ASX:NWF)'s executive director Karl Smithson updated Chris Rhodes on developments at its Tongo diamond mine development in Sierra Leone.
Around US$70mln has already been spent developing the underground mine, he says, but unlocking access to an additional A$55mln (US$37mln) should take Newfield 'a long way towards commercial production in the next 24 months," said Smithson.
The company is seeing high-quality and high-grade diamonds from its site, he says, with over US$500 per tonne in situ or the equivalent of US$9g/t in comparison to gold.