January 15, 2014
Leone Asset Management announced yesterday that it has signed a memorandum of understanding (MOU) to acquire the managerial and operational control of an operating 89.4-acre granite quarry in Sierra Leone.
Leone Asset says it intends to complete all final due diligence and complete the acquisition within 10 days of the announcement.
Once the acquisition is completed, The Tosh Group, Ltd., a Leone Asset subsidiary, will gain operational control of the government-appraised asset of more than 25 million tons of granite with a local value of over $800 million. Tosh will receive 75% of the net profits from the operation.
Tosh will send the necessary equipment and managerial expertise to the site and will begin marketing the mined product in the first quarter of 2014.