Botswana Diamonds fails to find partner for Ghaghoo before due date

Botswana Diamonds updated the market on the Ghaghoo Mine on Wednesday, reporting that it had not found a joint venture partner.

The AIM-traded firm said it had undergone “intensive advanced and ongoing” discussions with interested parties, but had not been able to secure a new joint venture partner to acquire the mine before the extended long-stop date of 10 May.

It said the share sale agreement with Gem Diamonds for the sale of its wholly-owned subsidiary, Gem Diamonds Botswana (GDB), had thus now lapsed.

“Gem Diamonds have indicated their willingness to re-engage on substantially the same terms as the agreement if Botswana Diamonds and a partner can finalise an agreement and accordingly, Botswana Diamonds is continuing its discussions with potential joint venture partners,” the board said in its statement.

At 0956 BST, shares in Botswana Diamonds were down 1.46% at 1.01p.

Reporting by Josh White at Sharecast.com.