After six years of attempting to sell the Botswana operation, Firestone Diamonds has mananged to sell it for $50k only.
Firestone Diamonds has entered into a binding share sale agreement with Visionary Victor Resources Proprietary Limited for the sale of its Botswana operations, including its interest in the BK11 mine. Visionary Resources is a company registered in Botswana. Pursuant to the Agreement, Visionary Resources will acquire Firestone’s wholly-owned subsidiary Firestone Diamonds Botswana (PTY) Ltd and its 90 percent interest in Monak Ventures (PTY) Ltd, which holds Firestone’s interests in Botswana for a one-off upfront payment of US$50,000.
In addition, Visionary Resources will assume the environmental liability currently associated with the BK 11 mine. Subject to regulatory approvals within Botswana, the transaction is expected to be completed in the fourth quarter of 2021.
Firestone is an international diamond mining company with operations in Lesotho. Liqhobong is owned 75% by Firestone and 25% by the Government of Lesotho. Lesotho is one of Africa’s significant new diamond producers, hosting Gem Diamonds’ Letšeng Mine, Firestone’s Liqhobong Mine, Namakwa Diamonds’ Kao Mine and Lucapa’s Mothae Mine.