Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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.

View full TGV profile View Profile

Tango Mining Timeline

Related Articles

Kola may have more than 1bn tonnes
August 20 2018
A first mineral resource estimate (MRE) for the Dongou Extension deposit had identified 232mln tonnes grading at 38.1% sylvinite (KCl)
project area
July 12 2018
Latin has over 263,000 hectares of exploration concessions in the lithium pegmatite districts of Argentina.
September 06 2018
Kogi's plans to become an integrated steel producer will allow it to tap into a ready market

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use