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Richland sees tanzanite sale by mid-March

Richland sees tanzanite sale by mid-March

Richland Resources (LON:RLD) has extended the deadline for the sale of its tanzanite business to March 16.

The group agreed a sale to Sky Associates in November for a net US$4.95mln.

Today it said it is working closely with Sky Associates to close the sale and provide the necessary notifications to the South African Reserve Bank in accordance with the Exchange Control regulations of South Africa.

Richland will use the money from the sale to develop its sapphire mining operation in Queensland.

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