Trustco Group Holdings Ltd (“Trustco”) has announced the findings of a recent examination of the 391.47-carat diamond recovered by Meya Mining (“Meya”) in Sierra Leone. Trustco holds a 19.5% interest in Meya, which operates under a 25-year exclusive diamond mining license in the Kono District.

The 391.47-carat diamond was part of a 515-carat rough diamond recovered in the Meya River kimberlite domain on Tuesday, 20 August 2024, in the first of 16 domains targeted by Meya. Along with two smaller fragments weighing 105.43 carats and 18.11 carats, this marks the second significant find from the region, confirming its potential as a source of high-value diamonds.

A detailed examination, conducted by Dr. Evan M. Smith of the Gemological Institute of America (GIA), confirmed the diamond as Type IIa, a classification that indicates high purity due to the absence of nitrogen. Further analysis showed the diamond is part of the CLIPPIR variety (Cullinan-like, large, inclusion poor, pure, irregular, resorbed), similar to some of the world’s most valuable diamonds.

According to the examination report, the diamond contains metallic inclusions, mainly iron-rich metals, which suggest it formed deep in the Earth, between 360 and 750 kilometers below the surface. Despite these inclusions, large parts of the stone remain clear, making it an important geological find. The discovery of this CLIPPIR diamond at the Meya mine confirms that the area contains large Type IIa diamonds.

Quinton Z van Rooyen, Deputy CEO of Trustco

Quinton Z van Rooyen, Deputy CEO of Trustco, added: “The recovery of this CLIPPIR diamond sheds light on Meya’s extraordinary geological landscape. As the diamond world contemplates the eventuality of a 5000-carat stone, our recent find indicates that Meya’s unique geology positions us well for potentially historic discoveries in the future.”

On June 5, 2024, shareholders were informed that Z Star Mineral Consultants, an independent consulting firm, estimated the in situ resource of Meya River Domain at USD 763 million. This Meya River domain accounts for less than 3% of the overall Meya Mining project potential resources. (Available here: https://tinyurl.com/2twpv78v).

Additionally, on September 2, 2024, shareholders were advised that the NI 43-101 Technical Report for the Meya Diamond Mine Project was published, offering a Preliminary Economic Assessment (PEA). The PEA showed promising economic potential with a post-tax Internal Rate of Return (IRR) of 65% and a post-tax Net Present Value (NPV) of USD 95.1 million at a 10% discount rate over a projected 7-year mine life. (Available here: https://tinyurl.com/yvy8p6xs).

These reports also noted that the estimated value of diamonds recovered from bulk samples and run of mine production of the Meya River domain which were sold at public auctions is USD 380 per carat.  This estimation excluded the sale of the 476ct Meya Prosperity diamond (USD 34 664 per carat) or several subsequent large stones found due to their distinct nature. The valuation matrix currently used to assess Trustco’s 19.5% stake in Meya Mining, at USD 110 million, may be adjusted in the future to account for these historical exceptional finds. Shareholders are advised that this could affect future valuations.

The 391.47-carat diamond was part of a 515-carat rough diamond recovered in the Meya River kimberlite domain on Tuesday, 20 August 2024

Meya Mining is now focused on improving its recovery process to prevent breakages of large diamonds in the future. The company is working with its engineering and processing partners to upgrade the plant and increase its capacity to recover large diamonds intact. This discovery strengthens Trustco’s Mining portfolio but also highlights Sierra Leone’s position as a key player in the global diamond market.

About Trustco:

Trustco Group Holdings Ltd is an investment entity headquartered in Windhoek, Namibia, which manages a diverse portfolio of investments spanning the insurance, real estate, non-deposit taking financial services, micro-finance, education, and mining sectors. Decisions are biased towards generational investment performance alongside shareholder wealth creation, and short-term hurdles are viewed as catalysts for future growth.

Since inception in 1992, Trustco’s investment portfolio has delivered strong returns with a CAGR of 68.97%, with a well-balanced asset mix, with a current average weighting of 34% in US Dollar based assets, while the remaining 66% is invested in Namibia Dollar (1 NAD = 1 ZAR) based assets. Trustco enjoys the backing of a wide range of coinvestors, including 3 610 from Namibia, 1 443 from abroad, and 94 from institutional entities.

About Namibia:

Namibia is a Southern African country with a population of approximately three million and a GDP per capita of USD 5 031 in 2022. The country is endowed with rich natural resources, with  recent major discoveries of oil and gas reserves, lithium deposits and rare earth minerals that are vital for technology demand globally, with developments also underway in its green hydrogen projects. The Namibian government has heralded these discoveries as a transformative period, holding the potential to double the nation’s GDP by 2040.

The country’s economy expanded by 4.2% in 2023 and is projected to expand by 3.7% in 2024, following a recovery of 5.3% in 2022 from the COVID-19 pandemic. With its wealth of natural resources, pro-business environment, political stability and increasingly skilled workforce, Namibia offers attractive investment prospects across all sectors.

Forward-Looking Statements:

All statements made in this media release with respect to Trustco’s current plans, estimates, strategies beliefs and other statements that are not historical facts, including statements regarding Trustco’s plans to upgrade its ADR program and the results of such an upgrade, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

Media Contact

Organization: Trustco Group Holdings

Contact Person: Neville Basson

Website: https://www.tgh.na

Email: Send Email

Contact Number: +264612754501

Address: 2 Keller Street, Trustco House

Address 2: Windhoek

City: Windhoek

State: Khomas

Country: Namibia

Release Id: 21102418730

The post MEYA MINING’S 391-CARAT DIAMOND RECOVERY MARKS MEGA CLIPPIR DISCOVERY appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

• SPIRE is the first comprehensive smart building assessment program that empowers building owners and managers to identify, prioritize, and promote smart building performance
  
• ZainTECH’’s SPIRE Qualified Company designation further strengthens its credibility in the smart building sector, offering strategic assessment services to clients
  

Junaid Mohioddin – Tech consultant at UL Solutions, Jason Pelski – Smart Building Ecosystems Commercial and Partnership Leader at UL Solutions, Andrew Hanna – CEO of ZainTECH, Jomy Joseph – Regional Director and GM – MEA at UL Solutions, Maatje Rencken – VP of Digital Solutions at ZainTECH

Dubai, United Arab Emirates, 21st October 2024, ZainTECH, the integrated digital solutions arm of Zain Group, has entered a strategic partnership with UL Solutions to become the first ICT company in the region to be designated as a SPIRE Qualified Company by UL Solutions. This achievement positions ZainTECH as a trusted provider and the go-to source of quality, verified smart building digital solutions, utilizing its own SPIRE Qualified Assessors, thereby solidifying its leadership in the smart building sector.

SPIRE, developed by the Telecommunications Industry Association (TIA) and UL Solutions, is the world’s first smart building assessment program that offers a holistic evaluation of a building’s technology and operational performance.

UL Solutions, a global leader in applied safety science, brings unparalleled expertise, allowing ZainTECH to distinguish itself as a company committed to excellence in smart building innovation. The SPIRE program evaluates building performance across six key pillars: power and energy, health and well-being, life and property safety, connectivity, cybersecurity, and sustainability. Through the SPIRE Smart Building Verified Assessment, buildings can earn a Smart Building Verified Mark, validating their advanced capabilities.

ZainTECH’s designation as a SPIRE Qualified Company by UL Solutions enhances its ability to serve the diverse needs of clients, further establishing its position as a prominent solutions provider in the regional smart building ecosystem.

Andrew Hanna, CEO of ZainTECH, commented on the partnership: “The smart environments—whether cities, buildings, or workspaces—are central to our portfolio of operations, and we understand the value of delivering solutions that are independently validated. Partnering with globally recognized entities like UL Solutions reinforces our commitment to providing clients with reliable, high-quality services. The SPIRE accreditation provides our growing customer base in the regions to achieve a third-party performance verification of their smart buildings.”

Scott Weiskopf, director of the Ecosystem and New Solutions group at UL Solutions, explained, “Smart buildings must deliver on experiences that enhance user outcomes. By assessing and validating key operational criteria of smart buildings, the UL Verified SPIRE Smart Buildings rating program helps verify building performance that could impact asset value. We applaud ZainTECH for becoming a SPIRE Qualified Company and partnering with UL Solutions to empower building owners and operators to optimize smart building innovation and operations.”

As a designated SPIRE Qualified Assessor, qualified ZainTECH staff are now equipped to offer building assessments, assuring clients of reliable and certified assessment services. In addition to now being a SPIRE Qualified Company, ZainTECH has capabilities to address industry challenges, such as aging infrastructure, maintenance backlogs, labor shortages, and operational inefficiencies, helping to create dynamic, future-ready workplaces.

ZainTECH’s digital solutions portfolio spans the entire IT stack, providing the foundation for smart, connected commercial and urban environments. Through strategic partnerships and advisory, ZainTECH has strengthened its digital solutions offerings, providing optimized infrastructure and facilities management to their customers, further demonstrating its leadership in the smart infrastructure space.

About ZainTECH

ZainTECH is a regional integrated digital solutions provider, unifying Zain Group’s ICT assets to offer a unique value proposition of comprehensive digital solutions and services under one roof. The company is positioned to drive the transformation of enterprise and government customers in the MENA region by providing a center of excellence and managed solutions across the ICT stack, including cloud, cybersecurity, modern infrastructure, big data, IoT, AI, smart cities, drones and robotics, and emerging technologies.

ZainTECH leverages Zain’s global reach, unique regional footprint, and infrastructure across its operations in Kuwait, Saudi Arabia, Bahrain, Jordan, Iraq, and the United Arab Emirates, as well as in other key markets in the Middle East.

ZainTECH forms a key pillar in the evolution of Zain’s core telecom business to maximize value and build on the company’s many strengths to selectively create and invest in growth verticals beyond standard mobile services. This ultimately supports Zain’s vision of becoming a leading ICT and digital lifestyle provider.

For more information, please visit www.zaintech.com

For any information regarding this PR please reach out to info@zexprwire.com

October 21, 2024 – Limassol, Cyprus – TibiGlobe, a CFD trading platform that came into the trading space in early 2024 and quickly gained traction with traders, is excited to announce completion of a new milestone: the acquisition of an investment Dealer Mauritius licence.

Acquiring the Mauritius licence from the Financial Services Commission (FSC), in addition to its existing licence from the South African Financial Sector Conduct Authority (FSCA) , strengthens TibiGlobe’s regulatory standing and allows the company to expand its partner network and serve clients in new markets with an even greater confidence. This step demonstrates the firm’s dedication to its values of integrity and transparency. The company expects to start onboarding clients on the Mauritius entity in the coming months.

“Expanding our regulatory portfolio and acquiring new licences is the cornerstone in our strategy to reach more traders and partners across the globe and serve them fairly and transparently. We are thrilled to secure the Mauritius licence. Our continued commitment to regulatory excellence allows us to deliver more security and trust for all stakeholders, our traders and partners alike” said Marinos Vassiliou, CEO of TibiGlobe.

Along with the license acquisition, TibiGlobe has unveiled a redesigned website, offering improved navigation, updated tools, and a user-friendly experience tailored to meet the needs of its growing community of traders. The fresh design reflects TibiGlobe’s vision of making trading accessible to traders of all levels.

“At TibiGlobe, we have worked hard and saw significant growth this year, and acquiring this licence marks an important milestone and a logical step in our journey. My team and I are thrilled to provide our partners with enhanced support, more attractive conditions, and expanded opportunities as we continue to strengthen our offerings and global presence. We’re not stopping, and there are more updates to come!” said Eleni Nicolaou, TibiGlobe’s Head of Partnerships.

TibiGlobe’s expansion plans for Q4 include an ongoing focus on developing a global community of traders, providing educational resources, and building long-term relationships through innovative services. As part of its mission to ensure a transparent and client-centric approach, the company is excited to help traders achieve their goals with a platform they can trust.

About TibiGlobe

TibiGlobe is an FSCA and FSC licensed CFD broker committed to providing a fair, reliable, and secure trading environment. With a team of passionate professionals and strategic partnerships, TibiGlobe harnesses innovative technologies to offer a seamless trading experience. The company is dedicated to fostering a global community of traders and empowering them to achieve their financial goals with confidence. Learn more: https://TibiGlobe.com/

Risk Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prices can fluctuate rapidly, and past performance is not indicative of future results. Please visit our website for a full risk disclaimer.

The information provided does not constitute financial advice and should not be relied upon as such. You should seek independent advice before making any investment decision.

Contact Information:

Website: https://www.tibiglobe.com/

Company name: TibiGlobe

Contact Person: Sofia Mashovets

Location: Limassol, Cyprus

Email: hello@tibiglobe.com