RapNet


Rapaport News

 

Rough Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Petra Sells Botswana Business for $300K

Miner retains rights to 5% of future revenues should exploration projects come to fruition.
Jul 21, 2020 2:16 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Petra Diamonds has sold three exploration projects to Botswana Diamonds for $300,000, the mining companies announced Monday.

The transaction includes Petra’s KX36 project, a kimberlite in Botswana the miner discovered in 2010, as well as two other prospecting licenses in the country, and a bulk-sampling plant. Botswana Diamonds will acquire the assets by buying holding company Sekaka Diamonds Exploration.

In addition to the $300,000 sale price, Botswana Diamonds will grant Petra a 5% royalty on future diamond revenues should any of the operations reach production.

The disposal helps Petra focus on improving efficiency at its core mines while keeping the opportunity to profit from future production, said Petra CEO Richard Duffy. The transaction is unrelated to Petra’s plans to sell its entire business, including its mines, which it announced last month.

Image: Rough diamonds. (Shutterstock)
Tags: Botswana, Botswana Diamonds, KX36, petra, Petra Diamonds, Rapaport News, Richard Duffy, Sekaka Diamonds Exploration
Similar Articles
DDG 150Diamonds Do Good Awards Industry Grants
Oct 07, 2020
Diamonds Do Good will hand out $150,000 in grants to support members...
India Allows Importers to Fix Errors on KP Certs
IGI Grades Record Black Lab-Grown Diamond
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us