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(Alliance News) - Botswana Diamonds PLC on Wednesday said its acquisition of Thorny River project has received all regulatory and competition authority approvals in South Africa.
Botswana Diamonds is a London-based explorer and project developer focused on Botswana and South Africa. Its shares were up 5.6% to 0.95 pence each in London on Wednesday morning.
In September of last year, Botswana Diamonds announced plans to buy all outstanding third-party interests in Vutomi Mining Pty Ltd and Razorbill Properties 12 Pty Ltd, collectively known as Vutomi, which holds the mineral rights to the Thorny River diamond project.
The acquisition has now received regulatory and competition authority approvals in South Africa.
In line with South African requirements, Botswana Diamonds sells a 26% interest in Vutomi for USD312,333 to its local South Africa Empowerment partner, Baroville Trade & Investments 02 Pty Ltd.
Chair John Teeling said: "I am pleased that we have received all the regulatory approvals allowing this this transaction to be completed. This will allow the company to expedite the mine permitting of Thorny River, with the initial applications having already taken place".
By Sophie Rose; sophierose@alliancenews.com
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