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Firestone Pulls Sale of BK11 Mine to Tango
Sep 12, 2016 8:54 AM
By Rapaport News
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RAPAPORT... Firestone Diamonds said the sale of the BK11 mine in Botswana fell through after Tango Mining failed to meet the purchase conditions by September 9.
The deal was initially scheduled to close in September last year, but Firestone extended the deadline four times to enable Tango to finalize the requisite funding. This time, it said the agreement has finally lapsed and the deal will not proceed.
That will, however, not impact the company’s cash position and Firestone expects to end the year with $9 million in its coffers. The company said it remains focused on commissioning its Liqhobong mine in Lesotho during the fourth quarter. The BK11 mine remains in care in maintenance even as the management claimed the asset still holds value.
“Management is committed to seeking ways of advancing or unlocking the shareholder value from its Botswana assets,” Firestone said in a statement.
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Tags:
BK11, Botswana, diamonds, Firestone Diamonds, Rapaport News, Tango Mining
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