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Gem Diamonds Ends Talks over Mine Sale

Ghaghoo asset remains on care and maintenance due to price drop.
Dec 12, 2017 3:11 AM   By Rapaport News
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RAPAPORT...
Gem Diamonds has terminated discussions with a potential buyer for its Ghaghoo mine in Botswana.

The London-based company announced in August that it was considering an offer from an unidentified party. However, those talks did not result in an agreement, and the proposal has been withdrawn, the company noted in a statement Tuesday.

Gem Diamonds, which acquired Ghaghoo in 2007, decided in February to put production there on hold because of a drop in the prices of the deposit’s rough diamonds. The miner is still in discussions with other potential acquirers of the asset, it added.
Tags: Botswana, Gem Diamonds, Ghaghoo, london, mergers and acquisitions, mines, mining, Rapaport News
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