Ghaghoo Mine sale hits obstacle

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

A $4 million (P47 million) deal for the sale of the mothballed Ghaghoo Mine in Gantsi District has run into trouble after one of the partners in the joint venture behind the takeover pulled out.

Okwa Diamonds, owned 10% by Botswana Diamonds (BOD) with the balance held by VAST Resources, announced its plans to take over Ghaghoo last August from Gem Diamonds.

The operation, 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.

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