Industry News by Nemesis

Tango Gets $30M Loan to Complete Botswana Mine Deal

March 31, 2016

Tango Mining has secured a $30 million loan that will fund the delayed acquisition of a mine in Botswana from Firestone Diamonds after being granted an extension to raise funds for the purchase.

This follows Tango being given until April 8 to raise the $7.65 million balance of the consideration to buy the BK11 diamond mine in the Orapa/Letlhakane region after it failed to pay a deposit into escrow before an earlier deadline last September. 

The loan agreement is with Vanderbilt Commercial Lending, according to a statement by Canada-based Tango March 24. 

Separately, Tango has agreed to sell the Oena mining project in South Africa to Bothma Diamante CC for $3 million. Bothma, registered in South Africa, will acquire African Star Minerals, which owns the mine in the Northern Cape region in its entirety, according to a separate statement March 23. Tango holds a 51 percent interest in African Star Minerals.

 

Source: Rapaport

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