Ghaghoo Mine sale flops

Hey days: Ghaghoo Mine was the country's first underground diamond mine PIC: GEM DIAMONDS.COM
Hey days: Ghaghoo Mine was the country's first underground diamond mine PIC: GEM DIAMONDS.COM

The planned sale of Ghaghoo Mine in the Central Kalahari Game Reserve (CKGR) has collapsed after the prospective buyer, Botswana Diamonds (BOD), failed to secure a joint venture partner to help fund the purchase.

Ghaghoo, which was the country’s first underground diamond mine, was placed under care and maintenance in February 2017 due to depressed diamond prices. At least 250 workers had their contracts terminated as a result.

Okwa Diamonds, an entity owned 10% by Botswana Diamonds with the balance held by VAST Resources, had announced its plans to take over Ghaghoo last August from Gem Diamonds. However, in February, Botswana Diamonds’ directors announced that their partners at VAST had informed the boards of both BOD and Gem Diamonds that they do not intend to proceed with the transaction.

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