Newfield Resources (ASX:NWF) Signs Term Sheet with ACA Resources for Tongo Mine
Term Sheet Details
Newfield Resources Limited (ASX:NWF) has entered into a term sheet with ACA Resources Pty Ltd to advance the Tongo Mine project in Sierra Leone. The agreement outlines ACA’s management of mining operations and the terms for a Joint Development Agreement by June 2025.
Management Appointments
The term sheet includes the appointment of ACA to oversee operations, with ACA appointing two additional executive board members to Sierra Diamonds Limited, including Mr James Chang as Managing Director. Newfield Resources will appoint Mr Stuart Clarke to a management position.
Executive Comments
ACA Managing Director Stuart Clarke said: “ACA is delighted to have executed a term sheet for ACA to be appointed as the operating manager of Newfield Resources’ diamond assets in Sierra Leone. ACA see a significant potential in the Tongo deposit.
Over the past 3 months ACA has seen strong interest from mining contractors and suppliers to help bring Sierra Leone assets into Production. A key focus for both NWF and ACA is to ensure that SDL is seen as a sustainable long term producer of high quality diamonds in Sierra Leone.”
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