https://www.miningweekly.com
Africa|Botswana|Diamonds|Exploration|Mining|PROJECT|System|Drilling
Africa|Botswana|Diamonds|Exploration|Mining|PROJECT|System|Drilling
africa|botswana|diamonds|exploration|mining|project|system|drilling

Botswana Diamonds acquires control of Thorny River

29th September 2021

By: Creamer Media Reporter

     

Font size: - +

London-listed Botswana Diamonds has exercised its pre-emptive right to acquire the outstanding third-party interests in Vutomi Mining and Razorbill Properties 12, giving it control of the Thorny River project in South Africa.

Vutomi and Razorbill are currently owned by Botswana Diamonds MD James Campbell and other Vutomi directors.

Botswana Diamonds will issue 56.99-million shares, valued at about £627 000, as purchase consideration for the third-party interests.

On completion of the acquisition, Botswana Diamonds intends to sell 26% of Vutomi for a deferred consideration of $316 333 to the company’s local South African empowerment partner, Baroville Trade and Investments 02. The consideration will be funded by a loan from Botswana Diamonds.

“We are very positive on the production opportunities for the Thorny River properties owned by Vutomi.  An outside company made an offer for Vutomi. Rather than accept the offer, we exercised our pre-emptive right to acquire the outstanding shares. 

"The unsolicited outside offer reinforced our belief that there is something worthwhile in Thorny River. We acted to preserve shareholder value," says Botswana Diamonds chairperson John Teeling.

"Since working on Thorny River 30 years ago, we recognised potential for discoveries on a kimberlite system spanning 20 km. Recent drilling vindicated this view and indicates potential for additional nearby discoveries.

“Following a third-party offer for Vutomi, Botswana Diamonds has exercised its pre-emption rights. This transaction streamlines exploration activities and involves the local community as supportive stakeholders in this development,” comments Campbell.
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 2024

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







sq:0.143 0.177s - 92pq - 2rq
Subscribe Now