Beleaguered miner Petra Diamonds Limited has entered into an agreement to dispose its exploration assets in Botswana via the sale of 100% of its holding in Sekaka Diamonds Exploration (known as Petra Diamonds Botswana Limited) for $300,000 and a 5% royalty on future diamond revenues.
The assets of Sekaka Diamonds include the company’s three existing Prospecting Licenses in Botswana, which includes the KX36 project, a 3.5 hectare kimberlite that was a new discovery by Petra in 2010, as well as a bulk sampling plant.
Richard Duffy, Chief Executive of Petra, commented: “This disposal forms part of our strategy to focus on driving efficiencies from our high quality producing mines, but allows us to maintain upside to potential future commercial production from the Botswana assets, particularly from the KX36 deposit. We wish Botswana Diamonds well with their exciting exploration programme in Botswana and look forward to following their progress.”
Caption: Petra’s Finsch mine in South Africa.