British miner disposes mining operations in Botswana

British diamond miner Firestone Diamonds has sold off its mining operation and interest in Botswana to Canadian diversified junior mining company -- Tango Mining.

In a statement received here on Thursday Firestone Diamonds announced that it has entered into a conditional agreement (the "Agreement") for the disposal of its Botswana operations, including its interest in the BK11 mine, to Tango Mining Limited.

"The disposal of the Botswana operations, including the BK11 mine, enables us to focus solely on our flagship asset, the Liqhobong Diamond Mine, in the Kingdom of Lesotho, where we will commence production during Q4 2016," said Stuart Brown, Chief Executive Officer of Firestone Diamonds.

According to the company the deal is worth 8 million U.S dollars in cash.

Firestone Diamonds delisted from the Botswana Stock Exchange last February and immediately commenced the disposal process at its BK11 mine located in the Orapa kimberlite field in northern Botswana, approximately 7 km northwest and 20 km southeast of Debswana's Letlhakane and Orapa mines respectively. Endi