History
Formation
After a JV was formed on 1 June 2002 Koidu Limited acquired the remainder of the 25-year mining lease agreement originally signed in 1995. After the second successful post-war democratic election in 2007, the Government of Sierra Leone undertook to review all mining agreements in the country. The Mining Review Process commenced in July 2008 and Koidu Limited’s mining lease for the Koidu Kimberlite Project was one of the first to be reviewed. A new mining lease agreement was entered into between the Republic of Sierra Leone and Koidu Limited on 6 September 2010. The term of the mining lease was extended to 22 July 2030 and may be renewed for a further period of 15 years.Initial Operations
After the end of the civil war in Sierra Leone in 2002 – and once the country had joined as a participant of theGrowth Strategy
Vision Koidu Limited has developed a vision for the Company striving to do what is right and good, with a vision is to become the Company to host, to invest in and to work for in the Republic of Sierra Leone.Corporate Identity
After the end of the civil war in the Republic of Sierra Leone in 2002 and once the country had joined as a participant of the Kimberly Process Certification Scheme in 2003, Koidu Limited was formed in 2003 and was the first commercial diamond mining company to invest in the development of the resource sector in the Republic of Sierra Leone, focusing initially on the kimberlite deposits at Koidu.Mining Leases
Koidu Limited holds one mining leases in Sierra Leone: the Koidu Kimberlite Project (KKP).Koidu Kimberlite Project (KKP)
The Koidu Kimberlite Project mining lease, located within the Tankoro Chiefdom of theExploration and mining operations
Koidu Kimberlite Project (KKP)
Development of the mine commenced in 2003, with the construction of a 50 tonne per hour dense media separation (DMS) plant and mining infrastructure required for bulk sampling and trial mining of K1 and K2. Processing of the first kimberlite from K1 began in January 2004 and continued until mid-2004, when sampling switched to K2 to allow for waste stripping and establishment of the headgear, hoist, winder and associated infrastructure at the collar of the planned vertical pit at K1. From August 2005 to December 2007, the mine focused exclusively on extracting ore from the K1 pit, establishing the largest and deepest excavation of its kind world-wide while attempting to minimize the impact on the nearby Koidu community. Given the limited lifespan of the vertical pit (maximum 80 m from collar), the company embarked on an exploration core drilling programme to delineate sufficient resources for at least the remaining life of the mining lease period. From 2003 to 2008, four phases of core drilling were completed; once the magnitude of potentially mineable resources began to emerge, desktop studies considering the possible scenarios for the future expansion of the mining operation were undertaken. When the full extent of the diamond resources at Koidu was understood towards the end of 2008, the company entered the prefeasibility study stage, contracting industry leaders in resource estimation, geohydrology, mine design and various other disciplines to ultimately bring the project to a bankable feasibility study level. After significant additional bulk sampling exercises in 2009 and 2010 (both from large-scale surface excavations and large-diameter drilling programmes on K2, Dyke Zones A and B, as well as the four blows intended to form part of the life-of-mine plan), the resource statement was signed off by diamond specialists Mineral Services Canada in their capacity as independent competent persons. Indicated resources from K1, K2 and Blow B3 amount to 4.2 million tonnes at an average grade of 0.45 ct/t. Inferred resources from K1, K2, Blow A, Blow B1, dyke Zone A and B amount to 10.12 million tonnes at an average grade of 0.54 ct/t. TheReferences