Firestone Diamonds (LON:FDI) is selling its Botswana asset for US$8mln to focus solely on its flagship mine in Lesotho.
The deal with Tango Mining is subject to the TSX-listed firm raising the remaining cash needed and sign-off by the national government.
The assets under the hammer include Firestone’s 90% interest in the BK11 mine. That is host to a 9.6 hectare kimberlite containing an estimated 29mln tonnes of ore at 44 carats a tonne, or 1.2mln carats in total.
The Botswana operation is valued on the books at US$10.7mln.
Proceeds will provide the working capital required at the Liqhobong Mine in Lesotho is readied for construction in the fourth quarter of next year.