Pangea sells shares in Dimbi Diamonds CAR project
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10.03.10, 08:48
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Mining
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Diamond explorer Pangea Diamond Fields announced that it has decided to sell its share in Dimbi Diamonds SAU's project in the Central African Republic (CAR). Dimbi Diamonds SAU is owned by Efidium Ltd.
According to a Pangea press release, while it considers the fundamentals of the Dimbi project attractive, the logistical support required to maintain its commercial scale operation do not coincide, cost wise, with its planned scale of operations.
The project's rights were sold to a senior employee, added Pangea's statement, and the decision to sell to "a local senior employee familiar with the CAR operation enables the Company to retain exposure to the project should a future mining operation be established."
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