“We’re very optimistic on the manufacturing alternatives for the Thorny River properties owned by Vutomi,” chairperson John Teeling mentioned within the assertion. “An outdoor firm made a proposal for Vutomi. Quite than settle for the provide, we exercised our pre-emptive proper to amass the excellent shares (…) We acted to protect shareholder worth.”
On completion of the acquisition, Botswana Diamonds intends to promote 26% of Vutomi for a deferred consideration of $316,333 to the corporate’s native South African empowerment companion, Baroville Commerce and Investments 02.
“Since engaged on Thorny River 30 years in the past, we acknowledged potential for discoveries on a kimberlite system spanning 20km. Recent drilling vindicated this view and signifies potential for extra close by discoveries,” managing director James Campbell mentioned.
The Thorny River challenge is in South Africa’s northern Limpopo province and the amount of its most important deposit has been modelled at between 1.2 and a pair of million tonnes.