Star Diamond Corporation has confirmed the sale of a 70.7-million-share block previously held by a former partner in its Fort à la Corne diamond project to an international investor. The investor, who remains unnamed, has expressed interest in supporting the advancement of Star Diamond’s exploration efforts, including its Star-Orion South project in Saskatchewan, Canada.
The development represents a key step for the company as it works to advance its exploration efforts following the departure of former joint-venture partner Rio Tinto in 2022.
Strategic Developments Post-Rio Tinto Exit
Since Rio Tinto’s departure, Star Diamond has focused on securing funding to progress its diamond exploration initiatives. Earlier this year, the company acquired full ownership of the Buffalo Hills Diamond Project in Alberta, Canada, by purchasing its joint-venture partner Canterra Minerals Corporation’s stake.
Ewan Mason, who was appointed CEO earlier this year, has been leading these efforts to restructure and reposition the company.
Monetising Assets to Support Exploration
Star Diamond plans to auction specialised mining equipment through Ritchie Bros. Auctioneers and its subsidiary IronPlanet. This includes a Bauer trench cutter drilling rig and associated spares, which were used in sampling and drilling activities.
The auction is part of the company’s strategy to generate additional capital for its exploration projects. A link to the auction will be provided on Star Diamond’s website once it is live.
Implications for the Diamond Industry
Star Diamond’s recent activities reflect its focus on advancing Canadian diamond exploration. The acquisition of shares by an international investor with interests in diamonds further underscores the potential for partnerships in this sector.
Advancing these projects could enhance the supply of Canadian diamonds, which are valued for their traceability and alignment with sustainability goals.
