REVIEW OF OPERATIONS

MEYA MINING (65%)

  • High grade, high value, primary diamond deposit in Sierra Leone.
  • 25 year mining licence issued on 26 July 2019.
  • Five of the world’s largest stones were discovered from the licence area.
  • Simple and focused business model:
    • underground mining method
    • bespoke processing plant and
    • mine configuration scalable/high margin.
  • High barriers to entry:
    • scarcity of high quality primary diamond deposits
    • regulatory requirements and
    • capital intensive.
  • High growth potential:
    • current resource only represents 5% of the geo-economic potential of the licence area and
    • current mine plan could be replicated across the licence area / increase depletion rate.

Meya Mining (Meya) is registered in the Republic of Mauritius and holds and operates a diamond mine within the eastern province of Sierra Leone, under a large-scale mining licence, ML 02/2019 (the Meya Project) covering an area of 129.38 km2. Its primary focus is to implement Meya’s underground mine plan in accordance with the 15 year mine design and schedule as reviewed by SRK Consulting (Canada). The underground development kicked off in January 2021 with the Portal (underground access), which is scheduled to be concluded by Q2 2021. During this period Meya will extract the first 5 000 tonne ore (Kimberlite) from the same geological domain in which the 476 carat Meya Prosperity diamond was mined.

 

A NOTEWORTHY PARTICIPANT

Key factors and trends shaping the diamond industry’s future:

  • sustainability, transparency and social welfare is an increasing priority for consumers and investors across the value chain
  • transparent and digitally enabled reporting value chain
  • desirability – medium and large stone accounting for 80% of global diamond revenue (25% by volume)
  • widening of the global demand and supply gap
  • provenance and socio economic impact from mine to market
  • generation Z becoming both a growth engine and a change agent for the industry, with its evolving preferences, purchasing behaviours and sustainability focus
  • prices for higher-quality polished diamonds continuing to outperform lower-quality diamonds and
  • diamond producers forming partnerships with midstream players and high end brands to gain additional margins on polished diamond sales.

Due to the above factors, mining companies such as Meya, which hold high grade, high value, large stone primary (kimberlite) deposits are uniquely positioned to meet the needs of the future diamond market.