Vast Resources PLC (AIM:VAST) has decided not to proceed with the acquisition of the Ghaghoo diamond mine in Botswana.
The plan had been to buy Ghaghoo from Gem Diamonds in conjunction with Botswana Diamonds PLC (AIM:BOD).
The parties are working together to ensure a mutually beneficial outcome and in the interim an agreement has been reached to extend the longstop date to 31 March 2022 to allow Botswana Diamonds time to secure an alternative joint venture partner.