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Tango Mining Ltd's busy 2015 includes PEA for BK11 diamond project

Toronto listed Tango Mining Limited posted its 2015 year results today...
Tango Mining Ltd's busy 2015 includes PEA for BK11 diamond project
The BK11 is a diamond mine project in Botswana - one of the largest producers of the stones in the world...

Toronto listed Tango Mining Limited (CVE:TGV) revealed its 2015 year to end August saw it produce a preliminary economic assessment (PEA) for its BK11 diamond project in Botswana.

It entered a deal last summer with Firestone Diamonds Ltd over buying the operations.

Production from seven years of open-pit mining is forecast to yield around 569,610 carats with  gross revenues put at $188mln and an expected post - tax discounted net present value of $40mln and an internal rate of return of 43% (8% discount rate).

The cost per tonne of processsing ore and waste is $10.20 per tonne.

And significantly last month it said it would borrow $30mln from Vanderbilt Commercial Lending to finalise the acquisition and restart operations at the mine in a five-year facility.

The year saw the group acquire or strike deals to acquire four coal, metallurgical and processing contracts in  South Africa, from which it gets most of its revenues.

Revenues for 2015 were $13.8mln, while the net loss was $3.2mln - up from a loss of $1.35mln in 2014.

Also last month, and post 2015 results period,  Tango revealed it had received a binding offer from Bothma Diamonte to acquire African Star Minerals Pty - a group it bought 51% of in June last year. African Star fully owns the Oena mine located in Northern Cape, South Africa, of which Diamond miner Tango has a 51% interest in, for $3mln and is payable in tranches.

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Tango Mining Timeline

December 14 2017

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