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Tango Mining gets BK11 extension until end August

Last updated: 13:57 29 Jul 2016 BST, First published: 08:57 29 Jul 2016 BST

picture of diamonds
Tango is still finalising its finance arrangements

Tango Mining Ltd (CVE:TGV) has negotiated a further extension to its acquisition of BK11 kimberlite mine in Botswana with owner Firestone Diamonds (LON:FDI).

Tango agreed last year to buy the formerly producing property plus the processing plant for US$8mln and now must meet all of the conditions of the deal by 29 August.

The Canada-listed group is in negotiations over a US$30mln loan from Vanderbilt Commercial Lending to cover both the purchase price of the BK11 mine and enough working capital to get it back into operation.

Firestone has granted Tango the right to acquire 100% of the mine that is located in the Orapa/Letlhakane kimberlite district, one of the world's most prolific diamond producing areas.

Production from the seven years of open-pit mining is forecast to yield approximately 569,610 recovered carats with the aggregate life of mine gross revenues of US$188mln.

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