Botswana Diamonds signs agreement to speed up diamond exploration

Botswana Diamonds has entered into a cooperation agreement with Diamexstrat Botswana to fund exploration of its prospecting licence assets in the southern African country.
Botswana Diamonds' prospecting assets consist of the recently acquired Sekaka Diamonds Exploration database and prospecting licenses, as well as the prospecting licences held by its subsidiary, Sunland Minerals.
The company said under the deal that Diamexstrat and its partner, Burgundy can earn up to a 70% interest in Sunland Minerals and Sekaka's Prospecting Licences.
Botswana Diamonds can also earn a 15% interest in Prospecting Licences held by Diamexstrat and its partner on the first $1.5 million spent on exploration by the later where the former's database assists in the discovery of a primary kimberlite.
"Where the data is used to identify targets on third party licences or fresh ground, we will jointly negotiate earn-in agreements," said Botswana Diamonds chairperson John Teeling.
"On new licences, Botswana Diamonds will hold 75% falling to 30% on delivery of a bankable feasibility study by Diamexstrat."
Sunland Minerals holds 12 active prospecting licences in the Gope/Kalahari area.
Sekaka holds three prospecting licences in the Central Kalahari Game Reserve in Botswana, PL169/2019, PL058/2007 and PL224/2007, which includes the KX36 kimberlite pipe.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished