Petra Diamonds sells Botswana exploration assets
JOHANNESBURG – Petra Diamonds has agreed to sell its Botswanan exploration assets to Botswana Diamonds for $300,000 and a 5% royalty on future revenue, the diamond miner, which is in the process of restructuring, said on Monday.
The purchase price will be payable in two equal instalments on or before August 31, 2021 and August 31, 2022, Petra said. Botswana Diamonds has the option to buy out the royalty for $2 million in cash.
Petra’s subsidiary Sekaka Diamonds Exploration (Pty) Limited, which Botswana Diamonds would take over, holds three prospecting licences including the KX36 project, which has an indicated resource of 17.9 million tonnes at 35 carats per hundred tonnes.
Source: iol.co.za
