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Vol 56 No 23

Published 20th November 2015

Sierra Leone

Koidu's future in the balance

The country's biggest diamond mine could close as its indebted owner struggles with the government to keep its licence

A ten-strong team led by Mines Minister Minkailu Mansaray is in London for crisis talks set for 16 November, on the future of the Koidu diamond mine, which is currently owned by Octéa Limited, a debt-laden subsidiary of the Israeli billionaire Beny Steinmetz's BSG Resources (BSGR). Mansaray's team is meeting Octéa's bankers, Standard Chartered Bank, to see if the mining company has the financial legs and commitment to continue. If the government believes these are lacking it may revoke Octéa's mining licences.

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