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Richland Resources completes Tanzania exit for US$5.1mln

Richland Resources completes Tanzania exit for US$5.1mln

Richland Resources (LON:RLD) has completed its exit from Tanzania with the receipt of US$5.1mln from new owner Sky Associates.

The sale comprised all of its tanzanite and tsavorite mining, exploration and cutting operations in the country.

Richland’s focus is now on its Capricorn sapphire project in Queensland where first sales through existing sight system are anticipated this half year.

The new Capricorn brand is expected to launch this month. 

Bernard Olivier, Richland’s chief executive, thanked its employees in Tanzania for their efforts especially over the past two years when its operations were badly affected by the activities by illegal miners.

 

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