https://www.miningweekly.com

Pro Civil to buy Gem’s Ghaghoo mine

Gem Diamonds CEO Clifford Elphick

Gem Diamonds CEO Clifford Elphick

20th June 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

LSE-listed Gem Diamonds has entered into a binding agreement with Pro Civil for the sale of 100% of the share capital of Gem Diamonds Botswana (GDB), which holds the Ghaghoo diamond mine, which has been on care and maintenance since March 2017.

Under the share sale agreement, Pro Civil will make a one-off upfront payment of $5.4-million for the share capital of GDB. Gem Diamonds will use the sale proceeds for general corporate purposes.

Pro Civil will also be assuming the environmental liability currently associated with GDB.

Subject to regulatory approvals within Botswana, the transaction is expected to be completed in the third quarter of this year.

Gem Diamonds CEO Clifford Elphick says the sale is in line with the company’s strategic objective to dispose of noncore assets.

He adds that Gem remains focused on optimising production and efficiency at its Letšeng mine, in Lesotho.

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

Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 
Vikela Aluvin (Pty) Ltd
Vikela Aluvin (Pty) Ltd

Complete range of security sealing solutions including security seals bags and labels.

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







sq:0.044 0.882s - 111pq - 2rq
Subscribe Now