Namakwa Diamonds sells diamond operations in Congo for US$6.25 million

Michael Allan McCrae | September 23, 2011 | 2:51 pm Africa Europe Diamond 

Namakwa Diamonds sold its mining and exploration operations for US$6.25 million to Hall Farm Avenue Limited, the corporate vehicle of a management
team lead by the Company’s DRC Country Manager, James Tregenza.

Payment will be settled over a 5-year period, with a minimum payment of US$1.25m required in each year during this period.

Namakwa Diamonds said the sale of the DRC Group Assets includes the transfer of all litigation in the DRC in respect of Namakwa Diamonds RDC SA and Namakwa Diamond Mining Company SPRL (the operating company for the Kasai Central Node).

Namakwa Diamonds will retain an exclusive right to sell, as agent, diamonds from the DRC Group Assets for a royalty payment of 15% of revenues

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Comments

  • Hannes

    James Tregenza is a nobody , a Loser.

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