https://www.engineeringnews.co.za

Firestone Diamonds, Tango extend payment date for Botswana deal

13th October 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Firestone Diamonds has agreed to amend certain conditions of the conditional sale agreement (CSA) related to the disposal of the company's Botswana operations to Tango Mining for $8-million, as announced on July 9.
 
The amended terms extended the date by which Tango was required to raise the $7.65-million balance, as well as the aggregate ongoing, cumulative cost of the Botswana operations’ care-and-maintenance-programme, to April 8, 2016.

This came after Tango Mining, earlier this month, informed Firestone that it was unable to pay a $300 000 deposit into escrow by September 30, as stipulated in the CSA.

The agreement still required Botswanan Ministerial approval for the transfer of the controlling interest in Monak, which owned the mining rights on which the Botswana operations were based, as well as receipt of the requisite approvals by the TSX-Venture Exchange in respect of the disposal.

This after the Botswana Competition Authority gave its unconditional approval for the disposal on September 28.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.066 0.897s - 140pq - 2rq
Subscribe Now