29 Mar Tango Mining agree $30m loan for Botswana mine
Tango Mining (TSX:TGV) has announced a US$30 million loan agreement to restart operations at the BK11 Kimberlite Diamond Mine in Orapa, Botswana.
The Canadian junior will receive the funds from US lender Vanderbilt Commercial Lending which will provide the capital to acquire and restart the Botswana mine.
Located in one the world’s most fertile diamond producing areas, Tango said the BK11 mine is a diamond-bearing, champagne flute-shaped kimberlite pipe with a surface area of 8.7 hectares.
The mine is expected to produce 569,610 carats over its seven-year life with gross revenue forecast at $188 million.
Tango also announced an agreement to acquire Botswanan company Firestone’s right in the processing facility, and interest and title in the mineral rights comprising BK11, worth $8 million.