Botswana Diamonds and its associate Vutomi have signed a contract mining and processing agreement with EDC to mine and process the diamond-bearing gravels and residual stockpiles on a portion of the Marsfontein farm.
The agreement gives Eurafrican Diamond Corporation (EDC) a contract for the mining and processing of the identified deposits on the Marsfontein Mining Permit, with 25% of the pre-tax revenue from larger or high value “special stones” and 15% from the standard ROM stones accruing to Vutomi.
Botswana Diamonds chairman, John Teeling, says that partnering with Eurafrican Diamond Corporation paves the way for commercial production to re-start on Marsfontein and Thorny River.
“EDC has a rich history of successful diamond mining and processing and has excellent technical and financial support.
“Furthermore, EDC and Vutomi projects complement one another, providing a strong project pipeline.”