Waldman Buys Stake In Sierra Leone Diamond Mine

Waldman Diamonds, a diamond company based in Israel, bought a stake in the Magna Egoli diamond mine in Sierra Leone and a first shipment of goods has already arrived in Israel.

Waldman Diamond Resources (WDR), the mining and exploration arm of Waldman Diamonds, obtained an ownership stake in the mine's holding company.  

Magna Egoli is now fully owned by Israeli diamantaire Alex Waldman and a group of Israeli entrepreneurs headed by Advocate Yigal Shapira. The values of the first shipment of rough diamonds range from $225 - $280 per carat. Some large stones in the first parcel were approximately 5 carats each.

“Magna Egoli is the first diamond mine in Sierra Leone where the labor conditions for the mine workers have been negotiated with the National Union of Mineworkers.

“This means that the earnings of the local diggers is considerably above those customary in other small-scale alluvial diamond mining operations. This has earned our operation respect and gratitude on the highest governmental levels. Our model is now being followed by other mining companies,” says Alex Waldman.

Additional exploration is planned in a 22 square mile area north of the current mining area. After its restructuring under new ownership, the mine is expected to reach full production in July.

An independent evaluation report, which was conducted earlier this year, expects that at the current price level, at full production the mine will produce well in excess of $25 million per year.