Botswana Diamonds sees deal to buy Ghaghoo mine lapse

Dublin-headquartered Botswana Diamonds said it has been unable to secure a joint venture partner to acquire the Ghaghoo diamond mine, located northwest of the Botswana capital, Gaborone.

The group had been seeking a partner for the venture and had entered a non-binding agreement with vendor Gem Diamonds Limited to acquire the mine pending the finding of a partner.

“Despite intensive advanced and ongoing discussions with interested parties, the board has been unable to secure a new joint venture partner to acquire the Ghaghoo mine before the extended long-stop date of May 10th, 2022,” Botswana Diamonds said.

“The share sale agreement with Gem Diamonds Limited for the sale of its wholly owned subsidiary of Gem Diamonds Botswana Ltd has therefore now lapsed,” it said.

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Botswana Diamonds said: “Gem Diamonds have indicated its willingness to re-engage on substantially the same terms as the agreement if Botswana Diamonds and a partner can finalise an agreement and, accordingly, Botswana Diamonds is continuing its discussions with potential joint venture partners.”