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Tango Mining reveals project updates

Tango Mining reveals project updates

Tango Mining (CVE:TGV) has given investors a run-down of its operations in the past year in South Africa where, among other things, it beat expectations for processing coal.

In period between September 2014 and August 31 2015, the group’s 51% owned South African subsidiaries, which process coal under contracts with companies such as Glencore and Total processed some 7.28mln tonnes of coal, compared to an annual budget of 6.5mln tonnes.

It was achieved without lost time injuries or fatalities.

Meanwhile, at the Oena diamond project, 51% owned by Tango, a new operational plan has been defined which will see bulk sampling resume after a brief pause.

Some 18,455 tonnes has been processed at Oena since the last operational report, on August 6, Tango said.

The company also updated investors on its proposed acquisition of the BK11 diamond property in Botswana, which it agreed to buy from Firestone Diamonds in the summer, and it has requested an extension in order to complete fundraising activities.

Tango had agree to pay US$7.65mln to acquire the Diamond mine, though it has now told Firestone that it will not pay a US$0.3mln deposit.

In a statement, the company said: “Tango is currently in discussions with Firestone to consider its request and will update the market when the parties have reached agreement on the revised terms and timelines or if discussions with Firestone are terminated.”

Separately, Tango also confirmed that a mining concession in Nicaragua, where the company has not made any investment in the period since November 2008, has now been revoked by the country’s Ministry of Energy and Mines.

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