Dolat Venture, which recently completed a corporate restructuring, has not been released the terms of the agreement.
The newly formed joint venture will be financed by private funds and it will undertake dredging, mining, continuing exploration and collecting and selling diamonds, and other deposits.
As part of this development, the mining license of Millenium Mining will be placed with all landowners in the Tikonko Chiefdom into the joint venture, the company stated.
Dolat Ventures and Millenium Mining CEO Dovid Hauck said: "It has been a long time, but we are finally ready to move from artisanal mining on the Sewa River, to full scale diamond production and automation."
The mining business in Sierra Leone currently includes about 2,500 small operations and it officially exported diamonds worth over $175m in 2007.
