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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
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Jul 10 2015 4:37PM
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Reference: 11685  

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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.

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