Vast Resources pulls out of Ghaghoo venture with Botswana Diamonds

(Sharecast News) - Mining company Vast Resources pulled out of its joint venture acquisition of Gem Diamonds Botswana (GDB) on Tuesday.
The AIM-traded firm announced its plan, alongside Botswana Diamonds, to acquire GDB from its parent Gem Diamonds in August last year.

GDB owns the Ghaghoo Diamond Mine in Botswana.

It said on Tuesday that it had informed Botswana Diamonds and Gem Diamonds of its intention not to proceed with the acquisition of GDB.

"The parties are working together to ensure a mutually beneficial outcome and in the interim an agreement has been reached to extend the longstop date to 31 March to allow Botswana Diamonds to secure an alternative joint venture partner."

At 1419 GMT, shares in Vast Resources were down 5.86% at 1.34p.