Richland Resources (LON:RLD) has received US$510,000 from the buyer of its tanzanite operation to be held in escrow until the various regulatory approvals come through.
The sale, to Sky Associates, will be for a net consideration of approximately US$4.95mln and Richland will post a profit on it of approximately US$490,000.
Richland has been dogged by illegal mining in Tanzania and is now switching focus to a re-start of a sapphire operation in Queensland, Australia.