Industry News by Nemesis

Tango Granted Leeway to Fund Botswana BK11 Diamond Mine

April 10, 2016

Tango Mining, a Canada-based company that primarily operates in southern Africa, received an extension of a deadline to meet all conditions for its acquisition of Firestone Diamonds' Botswana operations.

Tango agreed to acquire the BK11 Kimberlite Diamond Mine in the Orapa/Letlhakane region of Botswana last year for $8 million, according to a statement April 6. An earlier deadline last September was extended to April 8 after Tango failed to pay a deposit, Firestone said in an earlier statement, and has been pushed back again to July 29, enabling Tango to finalize terms of a proposed $30 million loan from Vanderbilt Commercial Lending to finance the takeover.

 

Source: Rapaport

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