JOHANNESBURG (miningweekly.com) – Aim-quoted Richland Resources has been given the green light by Tanzania’s Minister of Energy and Minerals to sell its East African tanzanite mining and beneficiation business and tsavorite licence interests.
In November, Richland announced plans to exit Tanzania through the sale of its embattled TanzaniteOne Mining Limited to Sky Associates for $5.1-million.
The Ministerial approval was one of the three conditions stipulated by the sale agreement, with only the South African Reserve Bank’s approval still pending after shareholders unanimously approved the sale at a special general meeting in December.
Further, Sky Associates would not have to forfeit the signing consideration of $510 000 received by Richland in December.