Lucapa Diamond Company and Lephema Executive Transport have sealed a binding Sales and Purchase Agreement to divest its 70% stake in Mothae Diamonds, which owns the Mothae Diamond Mine in the Kingdom of Lesotho.
Lucapa’s Managing Director and CEO, Nick Selby confirmed the report and said the move is part of firm’s strategic review by Lucapa’s restructured board to focus on its core assets in Angola and Australia.
The CEO emphasized that the agreement results from extensive negotiations and that Lephema Executive Transport, having provided long-term contract mining services to the Mothae Diamond Mine, is well-positioned to continue its operations.
Sales and Purchase Agreement
Under the deal Lucapa will receive a nominal purchase price of A$10,000 from Executive. Lucapa will also receive approximately A$1 million from Mothae for outstanding technical services payments. Executive will assume all liabilities and guarantee obligations relating to Mothae currently held by Lucapa