News

April 03, 2008

Mano River Expects a Pivotal Year

By Rob Davies

Luis da Silva, chief executive of Mano River expects 2008 to be a pivotal year for the company. The main reason is the impending float of Stellar Diamonds, Mano’s 68.5 per cent owned subsidiary that now contains all the company’s diamond interests. But on top of that there will be newsflow from the gold and iron ore interests that now have a larger gross value that its diamond interests. Quite a change for a company that used to market itself as a diamond explorer. Mano River is virtually the old man of the Aim mining sector having been listed on the junior market right at its very beginnings. But after stodgy progress the company is now being revitalised under Mr da Silva.

Grouping the diamond interests into Stellar has already given Mano one cash injection from pre-IPO financing and more cash will be raised at the IPO itself, expected about May. In total the two funding exercises are expected to put about £10m into Stellar’s coffers and will leave Mano River holding about 52 per cent of the separately quoted company. Stellar’s main project is at Kono in Sierra Leone, where it holds a 49 per cent interest alongside the old Crown interests now owned by Petra...