Home » Firm linked to Namibian tycoon Quinton van Rooyen confirms $763-million diamond resource

Firm linked to Namibian tycoon Quinton van Rooyen confirms $763-million diamond resource

This includes $104 million in the indicated category and $659 million inferred, based on an average price of $382 per carat.

by Timilehin Adejumobi
Quinton van Rooyen

Key Points:

  • Trustco’s investment in Meya Mining yields promising results with a diamond resource estimate of 1.99 million carats valued at $763 million.
  • Ongoing exploration at Meya Mining covers only 5% of licensed area, with potential for more discoveries and commercial production expected this financial year.
  • Trustco retains a 19.5% stake in Meya Mining after selling 70% to Sterling Global Trading, maintaining significant interest in future developments.

Trustco Group Holdings, an investment firm primarily owned by Namibian businessman Quinton van Rooyen and his family, has announced a notable diamond discovery through its investment in Meya Mining, situated in Sierra Leone’s eastern province.

This revelation follows Trustco’s divestiture of a 70-percent stake in the Meya Mining diamond mine to Sterling Global Trading last year, retaining a 19.5-percent interest. Meya Mining’s recent positive diamond resource estimate for the Meya Kimberlite Dyke shows a total of 6.05 million tonnes of kimberlite ore extending to a depth of 800 meters.

With an in-situ grade of 33 carats per hundred tonnes, the resource estimate translates to approximately 1.99 million carats of diamonds, valued at $763 million. This includes $104 million in the indicated category and $659 million inferred, based on an average price of $382 per carat.

“The findings from the Meya River Kimberlite Dyke are encouraging and validate our investment in Meya Mining,” said a Trustco spokesperson. “This resource estimate underscores the mine’s potential, and we’re eager to advance this diamond project.”

Exploration continues with promising prospects

The current assessment covers only 2.8 kilometers of the Meya River Dyke, representing less than 5 percent of the total kimberlite licenses held by Meya Mining.

This region has previously produced five of the world’s largest diamonds, including the Meya Prosperity Diamond, the 29th largest at the time, discovered in 2017 and sold for $16.5 million.

Further exploration and drilling are ongoing, with updates on additional resources expected. Commercial production is anticipated to begin within the current financial year.

The resource evaluation will be integrated into an upcoming Preliminary Economic Assessment (PEA) report, which will provide a comprehensive economic analysis of the Meya River Dyke’s development potential. As of Aug. 31, 2023, Trustco’s total investment in Meya Mining stood at $116 million, representing 34.1 percent of its total investment portfolio at that time.

Strategic partnerships and investment portfolio

This news follows Trustco’s recent partnership with Riskowitz Value Fund (RVF), securing up to $100 million in hybrid capital to fuel growth, broaden its shareholder base, and capitalize on undervalued market opportunities.

Trustco Group, based in Windhoek, operates across banking, insurance, property, and wealth management sectors. The company boasts a robust investment portfolio with a well-balanced asset allocation. On average, 34 percent of Trustco’s assets are denominated in U.S. dollars, with the remaining 66 percent invested in Namibian dollars.

The van Rooyen family holds a significant 63.94-percent ownership stake in Trustco, representing 1,004,000,060 ordinary shares, solidifying Quinton van Rooyen’s position as one of Namibia’s wealthiest individuals.

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