Richland Resources’ (LON:RLD) proposed sale of its tanzanite mining operation had been given the green light by the Tanzania’s Minister of Energy and Minerals.
Shareholders have already approved the sale, leaving only approval by the South Africa Reserve Bank for the sale to Sky Associates to proceed.
The sale will be for a net consideration of approximately US$4.95mln, and Richland will post a profit of approximately US$490,000.