CHAMWE KAIRA
Trustco Group Holdings has cautioned shareholders that delays in the development of Meya Mining could have a material impact on the carrying value of its investment and loan exposure to the Sierra Leone diamond mining company.
In a cautionary announcement, Trustco said it is assessing the financial effect of information received from Meya Mining, where it holds a minority equity stake and a loan receivable of approximately US$46 million.
The company said it received written confirmation from Meya Mining’s operator on 30 June 2026, followed by the mine’s audited financial statements for the year ended 31 December 2025 on 1 July 2026.
According to the information received, Meya Mining remains in its development phase and has not yet commenced commercial production.
The mine has been on operational readiness, described as care and maintenance, since January 2025 due to weak conditions in the global diamond market.
Trustco said the care and maintenance status is expected to remain in place until at least the fourth quarter of 2026, after which it will be reassessed. No timeline has been confirmed for the start of full commercial production.
The company noted that the delay represents a material setback to the transition to commercial production that had been envisaged when Meya Mining secured a US$25 million financing facility from Ecobank Sierra Leone Limited, supported by Ecobank Ghana PLC, announced in February this year.
Trustco emphasised that it is not the operator of Meya Mining, does not exercise operational control over the mine and has no representation on the company’s board.
The audited financial statements of Meya Mining include an unqualified audit opinion with a material uncertainty relating to the company’s ability to continue as a going concern.
They also recorded net current liabilities of US$36.6 million as at 31 December 2025 and indicated that the company remains dependent on available banking facilities and continued shareholder support.
Trustco said it has not provided any suretyship, guarantee or other credit support for Meya Mining’s obligations.
The company said it is evaluating the effect of the latest information on the carrying value of both its equity investment and loan receivable as part of the ongoing audit of the Trustco Group’s financial statements.
Trustco warned that the financial impact could be material and advised shareholders to exercise caution when dealing in the company’s securities until it publishes a further announcement quantifying the effect.
