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Rockwell sells noncore Tirisano mine for R60m

10th April 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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Dual-listed Rockwell Diamonds has entered into an agreement to sell its noncore Tirisano project, in the North West, to a mining consortium for R60-million.

The consortium, comprising royalty miners that have operated the mine for the last two years, will acquire the entire issued share capital, together with claims on the loan account in Rockwell’s 100%-owned subsidiary, Etruscan Diamonds.

The deal will also include the mining rights over, and the infrastructure at, Tirisano.

In addition, the buyer will assume the R34-million in debt owed by Etruscan, as well as related environmental liabilities.

Rockwell placed the mine on care and maintenance in December 2012, but later brought in the royalty miners to continue mining.

During the last two years, the contract mining operations have processed an average of 160 000 m3 a month, producing between 1 500 ct/m and 2 000 ct/m.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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