2nd Jun 2014 09:43
LONDON (Alliance News) - Botswana Diamonds PLC Monday said it will soon receive around USD340,000 from the liquidation of its interest in Bugeco, a private Belgian company which held an interest in an exploration concession in the Democratic Republic of Congo.
Botswana held a 35% shareholding in Bugeco, which was transferred to Botswana Diamonds at no cost as a legacy asset. Bugeco owns a 20% in a licence that has attracted the interest of mining entrepreneur Robert Friedland.
In a statement back in November last year, Botswana said that Friedland wanted 100% ownership of the license and was looking to buy back Bugeco's share, which Botswana said at the time, could potentially return around USD450,000.
The diamond miner said it will use the funds for the exploration programme in the Orapa area of Botswana, conducted in joint venture with its partner, Russian diamond company Alrosa.
The group said it will received the funds in the coming days.
Shares in Botswana Diamonds were trading 0.6% higher at 2.39 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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