Botswana Diamonds Acquires Petra's KX36 Discovery

Mining and Exploration
20/07/2020 08:14

Botswana Diamonds PLC today announced it has acquired 100% of the Sekaka (Sekaka Diamonds (Pty) Limited (Sekaka) is Petra’s wholly owned operating subsidiary in Botswana) shares of the KX36 diamond discovery in Botswana, alongside two prospecting licenses and a diamond processing plant. The consideration comprises a cash payment of US$300,000 and a 5% royalty on future revenues.

James Campbell, Managing Director, commented: “KX36 is the most significant diamond discovery in Botswana since Orapa and Jwaneng. KX36, together with its associated Prospecting Licenses, adds scale to the Company’s Sunland and Maibwe JV properties in the Kalahari.  Botswana Diamonds will refine resource estimates of KX36, and development options.  The Sekaka exploration database adds to Botswana Diamonds’ extensive database, improving our diamond exploration programme, particularly in the Kalahari where we are currently focused.”