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Sarb blocks Thabex diamond deal
Ines Schumacher
Posted: Fri, 03 Apr 2009
[miningmx.com] -- The South African Reserve Bank (Sarb) has blocked a deal between mining and exploration firm Thabex and its joint venture (JV) partner Mantle Diamonds.
Thabex CEO Marius Welthagen said the company is relying on the $2m from the sale of its 70% stake in Angel Diamonds to Mantle.
"Of course we relied on the money. The deal will still go ahead. We will re-negotiate the terms of the sale as soon as possible," he told Miningmx.
Thabex announced in October 2008 that it had concluded a share purchase and option agreement for the phased disposal of its interest in Angel to Mantle for a consideration of $2m.
SARB made a ruling on Friday, saying Angel cannot be disposed of on extended credits terms and the issuance of Mantle ordinary shares to the Angel shareholders would constitute a loop structure.
"We didn't get any further explanation from
Sarb. But we won't walk away from this deal," Welthagen said.
He said any exploration and new deals Thabex had planned could not go ahead without the money.
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