Petra Diamonds to dispose its assets in Botswana to reduce its debt

BOTSWANA – Petra Diamonds Limited, owner of the South African mine, has announced that it has entered into an agreement to dispose of its exploration assets in Botswana due to debt increment. Petra is set to dispose 100% of its holding in Sekaka Diamonds Exploration Limited to Botswana Diamonds PLC for a total consideration of US$300,000 and a 5% royalty on future diamond revenues should any of the prospects within the exploration licenses be brought into production. The assets of Sekaka Diamonds include the Company’s three existing Prospecting Licenses in…

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Botswana in talks with De Beers to extend diamond sales deal

BOTSWANA – Botswana plans to conclude negotiations with De Beers on a diamond sales agreement by the end of April 2020 to replace the current 10-year deal that expired in January. The government wants to see more gems cut and polished within the borders of the world’s second-biggest biggest diamond producer, creating jobs and boosting the state coffers, according to Lefoko Moagi, the minister of mineral resources, green technology and energy security. An agreement is crucial for both parties. Botswana accounts for more than two-thirds of De Beers’ production, while…

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