Richland Resources (LON:RLD) has finalised a settlement with Sky Associates over the sale of its Tanzanite business.
The miner, which has already received US$4.59mln from the sale, has decided not to claim the US$510,000 deferred payment due on 8 June.
Richland and Sky have agreed that neither will make any further claims against the other in relation to the sale agreement unless there is a breach of the sale terms.
Bernard Olivier, Richland chief executive, said: "This concludes the sale of our Tanzanian operations and allows the group to focus 100% on the operation of our Capricorn Sapphire project.
“It represents a major achievement for Richland in exiting from its Tanzanian operations, which have been loss making in recent years.”
Capricorn sits within the Queensland sapphire gem fields, a region historically known as one of the biggest sapphire fields in the world.