Diamond Fields has agreed to sell its Namibian diamond assets to Jean Boulle Diamond Mines under a diamond sale agreement.
The sale will allow Diamond Fields to focus on developing its portfolio of West African gold exploration and development projects following the acquisition of Moydow.
“Since completing the acquisition of Moydow we have identified the optimal strategic path for creating value from DFR's portfolio,” said company chief executive John McGloin.
“The sale of Diamond Fields's diamond assets will enable us to focus on the development of our portfolio of attractive gold growth options whilst ensuring that Diamond Fields shareholders retain a share in any future diamond production”.
“Recent progress at our Cascades Gold Project is encouraging and demonstrates the significant potential to expand the already reported mineral resource estimate.”
Diamond Fields said it is entitled to an initial cash consideration of $150,000, annual cash payments of $100,000 and a 1% royalty on net sales from the Namibian concessions after taking into account associated selling costs.
The Namibian concessions include two deep water licenses (ML 111 and ML 139) 100% owned by Diamond Fields subsidiary Diamond Fields (Namibia) and one shallow water license (ML 32) owned by Namibian Diamond Company, a 70% owned Subsidiary of Diamond Fields.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
The sale will allow Diamond Fields to focus on developing its portfolio of West African gold exploration and development projects following the acquisition of Moydow.
“Since completing the acquisition of Moydow we have identified the optimal strategic path for creating value from DFR's portfolio,” said company chief executive John McGloin.
“The sale of Diamond Fields's diamond assets will enable us to focus on the development of our portfolio of attractive gold growth options whilst ensuring that Diamond Fields shareholders retain a share in any future diamond production”.
“Recent progress at our Cascades Gold Project is encouraging and demonstrates the significant potential to expand the already reported mineral resource estimate.”
Diamond Fields said it is entitled to an initial cash consideration of $150,000, annual cash payments of $100,000 and a 1% royalty on net sales from the Namibian concessions after taking into account associated selling costs.
The Namibian concessions include two deep water licenses (ML 111 and ML 139) 100% owned by Diamond Fields subsidiary Diamond Fields (Namibia) and one shallow water license (ML 32) owned by Namibian Diamond Company, a 70% owned Subsidiary of Diamond Fields.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
