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Newfield Resources Ltd. ( (AU:NWF) ) just unveiled an update.
Newfield Resources Limited has entered into a term sheet with ACA Resources Pty Ltd to advance the Tongo Diamond Mine in Sierra Leone. ACA Resources has taken over management of the mine site and is negotiating license fee payment conditions with the Ministry of Mineral Resources. The company is also reviewing outstanding creditors to reduce payables. Additionally, Newfield received a notice from Octea Limited to terminate the Tribute Mining and Revenue Share Agreement for the Tonguma mining license due to lack of progress. The company is seeking legal advice on this matter. Financially, Newfield has extended the maturity date of a bond with Fidelitas Deutsche Industrie Holding AG and is pursuing other funding initiatives for the Tongo Diamond Mine development.
More about Newfield Resources Ltd.
Newfield Resources Limited is a company operating in the mining industry, primarily focused on diamond mining. It holds the Tongo mining license in Sierra Leone through its subsidiary, Sierra Diamonds Limited.
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$83.72M
See more insights into NWF stock on TipRanks’ Stock Analysis page.