{"id":6823,"date":"2022-05-12T12:12:44","date_gmt":"2022-05-12T12:12:44","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops"},"modified":"2022-05-12T14:31:18","modified_gmt":"2022-05-12T14:31:18","slug":"ghaghoo-mine-sale-flops","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops","title":{"rendered":"Ghaghoo Mine sale flops"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The planned sale of Ghaghoo Mine in the Central Kalahari Game Reserve (CKGR) has collapsed after the prospective buyer, Botswana Diamonds (BOD), failed to secure a joint venture partner to help fund the purchase.<\/b><\/p>\n

Ghaghoo, which was the country\u2019s first underground diamond mine, was placed under care and maintenance in February 2017 due to depressed diamond prices. At least 250 workers had their contracts terminated as a result.<\/p>\n

Okwa Diamonds, an entity owned 10% by Botswana Diamonds with the balance held by VAST Resources, had announced its plans to take over Ghaghoo last August from Gem Diamonds. However, in February, Botswana Diamonds\u2019 directors announced that their partners at VAST had informed the boards of both BOD and Gem Diamonds that they do not intend to proceed with the transaction.<\/p>\n

Under the original deal, VAST was responsible for funding Okwa with the first $15 million (P184 million) of funding required for carrying out due diligence and acquiring Gem Diamonds Botswana, which is Ghaghoo\u2019s operator. VAST was also to be responsible for funding to place the mine back into production.<\/p>\n

This week, BOD directors said despite \u201cintensive and advanced\u201d ongoing discussions with interested parties, no agreement had been secured for a new joint venture partner.<\/p>\n

As a result, the share sale agreement with Gem Diamonds had lapsed.<\/p>\n

The directors said they had indicated their willingness to re-engage on substantially the same terms as the agreement if BOD and a new partner can finalise an agreement.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The planned sale of Ghaghoo Mine in the Central Kalahari Game Reserve (CKGR) has collapsed after the prospective buyer, Botswana Diamonds (BOD), failed to secure a joint venture partner to help fund the purchase. Ghaghoo, which was the country\u2019s first underground diamond mine, was placed under care and maintenance in February 2017 […]<\/p>\n","protected":false},"author":84,"featured_media":6822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-6823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nGhaghoo Mine sale flops - Botswana<\/title>\n<meta name=\"description\" content=\"The planned sale of Ghaghoo Mine in the Central Kalahari Game Reserve (CKGR) has collapsed after the prospective buye ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghaghoo Mine sale flops\" \/>\n<meta property=\"og:description\" content=\"The planned sale of Ghaghoo Mine in the Central Kalahari Game Reserve (CKGR) has collapsed after the prospective buye ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-12T12:12:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-12T14:31:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-627d1a1d760a4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ghaghoo Mine sale flops\",\"datePublished\":\"2022-05-12T12:12:44+00:00\",\"dateModified\":\"2022-05-12T14:31:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\"},\"wordCount\":257,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-627d1a1d760a4.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/ghaghoo-mine-sale-flops\",\"name\":\"Ghaghoo Mine sale flops - 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