Business
Update on Sunland Minerals JV
Update on Sunland Minerals JV.
About this update from Botswana Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3904H Botswana Diamonds PLC 15 November 2018 \n\n \n15th November 2018\n\n\n\nBotswana Diamonds PLC \n(\"Botswana Diamonds\" or the \"Company\")\n \nUpdate on Sunland Minerals JV\n \nThe directors of Botswana Diamonds (AIM: BOD) wish to advise that the company now holds 100% of the equity in Sunland Minerals (\"Sunland\"), having acquired for a nominal sum the 50% previously held by Alrosa as part of the Company's joint venture with Alrosa (the \"Sunland JV\").\n \nHighlights:\n· Botswana Diamonds acquires remaining 50% of Sunland \n· The Company's 100% ownership allows for a new investor to enter as a new joint venture partner\n· Advanced negotiations underway with potential partner \n· Work could begin in the first half 2019 focussing on targets identified in 2018\n \nA potential new investor (the \"New Partner\"), itself a large diamond producer with new ideas and keen to find new kimberlites in Botswana, is close to acquiring 50% of Sunland. Naturally, such new investment into Sunland could not be formalised until Botswana Diamonds took title to the Sunland shares. This is now done. The Company anticipates the New Partner stepping into the exploration shoes of Alrosa and, once the deal is finalised, work could begin in the first half of 2019 focusing on targets which have already been identified. The New Partner has a strong exploration team in place.\n \nChanges took place at board / top management level in Alrosa in 2016 and 2017. This caused a change in emphasis. Early stage exploration joint ventures lost priority, as corporate strategy changed direction towards production and marketing. Accordingly, operatorship of the Sunland JV transferred to Botswana Diamonds in early 2018 as previously announced. Subsequently Alrosa did not contribute additional funds to 2018 exploration. Given the exploration potential already identified in the Gope region of the Kalahari, Botswana Diamonds conducted focused work to protect the licences. In accordance with the new central policy, Alrosa transferred its interest in the Sunland JV to Botswana Diamonds, and assisted the Company in the search for new partners. \n \nThe Sunland JV was established in 2014 to test existing Alrosa exploration ...