Advanced Search

Tango Exits Coal to Focus on Diamonds

Aug 4, 2019 7:15 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Tango Mining plans to dispose of its South African coal business to focus on its diamond operations, amid “continued operational success” at its Oena mine, the company said.

Kevin Gallagher, a director of Tango, will purchase the miner’s 74% interest in Kwena Group, which holds its three ongoing coal projects. As payment, Gallagher will return nearly 40 million shares of common stock to Tango, amounting to CAD 2 million ($1.5 million), the miner said last week.

The Oena diamond mine in South Africa will remain the company’s core asset. Last month, Tango reported an average price of $1,382 for rough from the deposit, while in June, it fetched up to $7,730 per carat for individual stones from the site. The company is also conducting trial diamond mining in Angola, and has an exploration project in Liberia. Tango will change its name to Southstone Minerals as part of the refocusing.

Image: Ore retrieval at the Oena mine. (Tango Mining)
Tags: Kevin Gallagher, Kwena Group, Oena, Oena mine, Rapaport News, Southstone Minerals, tango, Tango Mining
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.