RAPAPORT… Tango Mining plans to dispose of its South African coal
business to focus on its diamond operations, amid “continued operational success” at its Oena mine, the company said.
Kevin Gallagher, a director of Tango, will purchase the
miner’s 74% interest in Kwena Group, which holds its three ongoing coal projects. As
payment, Gallagher will return nearly 40 million shares of common stock to
Tango, amounting to CAD 2 million ($1.5 million), the miner said last week.
The Oena diamond mine in South Africa will remain the company’s core
asset. Last month, Tango reported an average price of $1,382 for rough from the
deposit, while in June, it fetched up to $7,730 per carat for individual stones
from the site. The company is also conducting trial diamond mining in Angola, and has an exploration project in Liberia. Tango will
change its name to Southstone Minerals as part of the refocusing.
Image: Ore retrieval at the Oena mine. (Tango Mining)
Tango Exits Coal to Focus on Diamonds
The Bottom Line
- Tango Mining plans to sell its 74% stake in Kwena Group, which holds its South African coal projects, to director Kevin Gallagher.
- The Oena diamond mine will remain Tango's primary asset, with recent rough diamond prices averaging $1,382 per carat and individual stones reaching $7,730 per carat.
- Tango is expanding its diamond footprint with trial mining in Angola and exploration in Liberia, and will rebrand as Southstone Minerals.
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