November 15, 2018 / 1:57 PM / a month ago

Russia’s Alrosa sells stake in Botswana diamond joint venture

GABORONE, Nov 15 (Reuters) - Botswana Diamonds said it had bought joint venture partner Alrosa out of Sunland Minerals and was in talks about selling a stake in the project to another partner.

“The company anticipates the new partner stepping into the exploration shoes of Alrosa and, once the deal is finalised, work could begin in the first half of 2019,” it said.

Botswana Diamonds, which previously held 50 percent in company exploring for diamonds in Botswana’s Central Kalahari Game Reserve, did not disclose the amount paid to Russia’s Alrosa or the name of the “large diamond producer with new ideas” that was close to acquiring the stake.

“New investment into Sunland could not be formalised until Botswana Diamonds took title to the Sunland shares,” Botswana Diamonds said in a statement on Thursday.

The joint venture was established in 2014 to test Alrosa’s exploration technology to identify new diamond-bearing kimberlites under the Kalahari sands. (Editing by Alexander Smith)

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