Aim- and BSE-listed diamond explorer Botswana Diamonds reports that, despite intensive advanced and ongoing discussions with interested parties, its board has been unable to secure a new joint venture (JV) partner to acquire the Ghaghoo mine before the extended long-stop date of May 10.
The share sale agreement with Gem Diamonds for the sale of its wholly-owned subsidiary Gem Diamonds Botswana, which owns the Ghaghoo mine, has, therefore, lapsed.
However, Botswana Diamonds notes that Gem Diamonds has shown a willingness to re-engage on substantially the same terms as this past agreement if Botswana Diamonds and a partner can finalise an agreement.
Accordingly, Botswana Diamonds is continuing its discussions with potential JV partners.
The Ghaghoo mine – fully permitted to December 31, 2036 – is located about 300 km northwest of Gaborone and 160 km southwest of Orapa.
It comprises a 10.8 ha kimberlite pipe with a South African Mineral Reporting Codes-compliant indicated resource of 79.39-million tonnes with an average grade of 19.51 carats per hundred tonnes (cpht) and diamond value of $242/ct.
The mine has an inferred resource of 28.78-million tonnes with an average grade of 17.52 cpht and an average diamond value of $239/ct.
A treatment facility on site is capable of handling 60 000 t/m and 80 000 m3 of tailings suitable for reprocessing.