JOHANNESBURG (miningweekly.com) – Richland Resources on Friday announced the receipt of the signing consideration and the payment of an escrow amount as the $5.1-million sale of its tanzanite mining and beneficiation business and tsavorite licence interests in Tanzania to Sky Associates Group progressed.
The Aim-listed group received a $510 000 signing consideration – 10% of the initial consideration – from Sky, while a further $510 000 went into an escrow held by the company's solicitors payable on satisfaction of the various conditions in the sale agreement.
The sale remained subject to approval by shareholders, the Minister of Energy and Minerals of the Republic of Tanzania and the South African Reserve Bank.