[miningmx.com] – GEM Diamonds finally dispatched its Ellendale mine, an Australian operation which produces half of the world’s yellow diamonds, in a A$14.3m deal to Sydney-listed Goodrich Resources.
The sale came as a surprise as Gem had suspended the mine’s sale as bids for its had been too low, said BDLive, an online publication. The deal sees an upfront payment of A$3.1m on completion of a due diligence, expected to be complete by January.
The balance of the consideration will be paid over the next 12 months, BDLive said citing a company announcement.
This leaves Gem, which is listed in London and run by CEO, Clifford Elphick, to focus on the development of its Ghaghoo diamond proejct in Botswana, and the expansion of its operational stalwart, Letseng in Lesotho.
