Tawana Resources has gained full control of the Orapa diamond project in Botswana following the termination of its joint venture with Nowak Investments, citing disappointing progression as the reason behind the split.
The Orapa kimberlite field is located in north-eastern Botswana and includes the Orapa, Letlhakane and Damtshaa diamond mines which produce in excess of 13 million carats of diamonds per year.
Tawana will now engage in developing and bulk sampling several kimberlites in the field while reviewing offers from other potential partners.
Tawana company secretary Terri Bakos said the company wants to increase its status over the coming years.
“We have had a large number of approaches from interested parties in South Africa, Botswana and the UK in recent weeks. We are determined to keep Tawana focused to unlock value for all our shareholders,” Bakos said.
Nowak Investments was required to conduct and solely fund an excavation programme including bulk sampling of the high prospective BK24 kimberlite to gain 51% share in the project.
The field includes the Letlhakane and Damtshaa diamond mines as well as Opara Kimberlite field, touted as one of the largest diamondiferous kimberlite fields globally containing 79 kimberlites.
By staff writer