Richmond Capital has purchased Altima Partners' shares in Stellar Diamonds and now holds a 15.4% stake in the company, which has raised £1.9 million, financial news outlets report.

According to proactiveinvestors.com, Stellar will put £1 million of the money raised toward drilling and diamond evaluation at its Droujba kimberlite pipe in Guinea, a project scheduled to begin in November.

The diamond company intends to invest another £200,000 in finishing diamond sampling at the Tongo kimberlite in Sierra Leone. Initial sampling results are expected by the end of October.

Stellar Diamonds owns a number of diamond projects in West Africa. The Mandala and Bomboko projects in Guinea are currently in production and provide cash flow for the company, having yielded 78,000 carats and 4,000 carats of diamonds, respectively. Stellar Diamonds is currently expanding both of these projects.