[miningmx.com] – ROCKWELL Diamonds is to sell its Tirisano operation situated in South Africa’s North-West province, to the ‘royalty miners’ who have worked the mine for the past two years for $6.3m in cash.
The proceeds from the sale, which amounts to about R60m, would be put to Rockwell’s working capital requirements and to fund investments related to acquisitions, additional exploration and ongoing development of the portfolio of mining and mineral rights.
“The sale of Tirisano, which has been identified as non-core for some time, will allow us to focus entirely on our growth objectives in the MOR [Middle Orange River] and our stated intention of exceeding our 500,000 cubic metres per month processing target,” said James Campbell, president and CEO of Rockwell Diamonds.
“Our short-term priority is the completion of the acquisition and integration of the Remhoogte/Holsloot Project into our current business,” he added.
