Safa Afrique to deploy raised capital in diamond mining
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Citigate International, a Dubai based financial consultancy, has announced the successful closing of Safa Afrique with $10m raised from GCC investors.
Citigate International, a Dubai based financial consultancy, has announced the successful closing of Safa Afrique with $10m raised from GCC investors.
Tohib Iyiola, CEO of Citigate International, said: “We are proud to achieve this milestone. Our vision is to bridge the gap between the GCC and African region by offering GCC investors opportunities to capitalize on the natural resources in West Africa and Safa Afrique is the first step towards our success.”
“Being a secure, Sharia compliant fund, Safa Afrique attracted tremendous interest from GCC based investors,” he said.
The funds will be deployed for Safa Afrique’s diamond mining portfolio, which primarily consists of its flagship project in Sierra Leone as well as two joint venture projects in Guinea and Liberia with Stellar Diamonds, a London listed company.
Work on the project will begin immediately with activities running simultaneously at all sites.
Stellar Diamonds, an experienced West African diamond developer, will be operating both mines for the first phase while Citigate Commodities Trading DMCC has been appointed as the official off-taker of all diamonds produced.
The redemption date for all investors will be December 2019.
Headquartered in the UK with operations in Europe, Asia, Middle East and Africa, Citigate Commodities Trading is trade regulated by Dubai Diamond Exchange and deals in diverse commodities across the globe.
It also specialises in the supply of raw commodities, gold and diamonds in particular, to manufacturing and retail groups.