Meya Mining Company Receives $75 Million Financial Boost

Meya Mining, based in Kono, receives an important financial boost of $75 million from Namibian Trustco and Sterling Global Trading.

The package is set to accelerate Meya’s operations and enhance its world-class underground mining activities. Trustco, headquartered in Windhoek, announced the $75 million investment, of which Sterling Global Trading has committed $50 million, which includes a $25 million equity in stake for a 70% ownership and an additional $25 million as a loan.

Quinton Zandré Rboyen, Deputy CEO of Trustco Group, expressed pride in partnering with Sterling, a renowned player in the diamond mining industry known for its unmatched expertise.

With Sterling’s support, Meya is well-positioned to expand its underground operations and increase its production capacity. Meya holds an extensive large-scale mining license on square kilometers in the Kono region. Initial exploration findings indicate a resource of seven million carats, forming the basis for a 15-year underground mining plan with an annual production target of one covering 129 million carats.

In July 2023, achieved Meya’s first underground production, a significant achievement for the company. Trustco will retain a 19.5% stake in Meya, while local invéstor Germinate SIL will hold its 10.5% share. The investment injection from Trustco and Sterling Global Trading is set to propel Meya Diamond Mining to new heights, further position in the diamond mining sector, and contribute to the economic growth and development of Sierra solidifying its Leone.