Pangea DiamondFields sells Dimbi project and exits Central African Republic
09 March 2010
Diamond production group Pangea DiamondFields has sold its Dimbi Diamonds division to a management buy-out team in return for a 5% royalty on future gross sales and US$0.5 million in cash.
Dimbi Diamonds runs the Dimbi project in the Central African Republic. Pangea said that while it considered the fundamentals of the project to be attractive, the logistical support and long lead times on buying up equipment made the operation unviable.
The company said it was pleased to have removed the cost burden of keeping the project running whilst retaining a exposure to the project should a future mining operation be established.
In Pangea’s half year results for the six months ended June 30, 2009, an impairment charge was recognised against the value of the Dimbi project, which was written down to a carrying value of zero in the accounts.
Separately, the company is closing its Etoile project, which market a full exit from operations in the Central African Republic.
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