13 Dec 2019
DiamondWorld Directory
Home |
Firestone to sells Botswana operations for US$8.0 million
Has entered into a conditional agreement with Tango Mining Limited
By: Diamond World News Service
Jul 10 2015 4:37PM
Reference: 11685  

Firestone Diamonds plc, has entered into a conditional agreement with Tango Mining Limited, to sell its Botswana operations, including its interest in the BK11 mine. The sale is for a total consideration of US$8.0 million in cash.

Tango Mining will acquire Firestone's wholly owned subsidiary Firestone Diamonds Botswana (PTY) Ltd and its 90 per cent. interest in Monak Ventures (PTY) Ltd.

As part of the agreement, Tango Mining will pay US$0.35 million immediately, another US$0.30 million to be paid by 30 September 2015 and the balance amount on completion of the deal.

Stuart Brown, Chief Executive Officer of Firestone commented: "The disposal of the Botswana operations, including the BK11 mine, enables us to focus solely on our flagship asset, the Liqhobong Diamond Mine, in the Kingdom of Lesotho, where we will commence production during Q4 2016."

According to Firestone, the proceeds will be used to provide general working capital as it continues with the construction and development of its Liqhobong Mine in Lesotho. Tango Mining has also agreed to pay into escrow the ongoing cost of BK11's care and maintenance programme up to a maximum of US$40,000 per month.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
HouseAd_Trade Fair
Search News by City
HouseAd_Trade Fair
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 22539
GJEPC Chairman Interview
Views: 20573
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 27759
Promo for IJ Awards 2012 at NDTV Profit
Views: 40720
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 44460
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 17502
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 42592
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 40339
Finestar Diamonds
Member of:
Supporter of: