Botswana Diamond Mine Up for Auction

RAPAPORT... The liquidators of Kimberley Diamonds' Lerala mine in Botswana will offer theproject at an online auction later this month afterfailing to secure viable bids. Kimberley placed its Lerala subsidiary into judiciarymanagement - a restructuring option for insolvent companies - in June last yeardue to a lack of funding, media reports said at the time. Lerala produced about59,000 carats in the year leading up to its closure, falling short of itsannual target of 357,000 carats over a seven-year lifespan, according toBloomberg. GoIndustry DoveBid, which will run the auction, listed theavailable assets as five kimberlite pipes ranging from 0.16 hectares to 2.35hectares and a 200-tonnes-per-hour processing plant. The sale will also feature aprimary jaw-crusher, X-ray recovery equipment and a diesel generator plant. Bidders mustpay a $508,000 (BWP 5 million) deposit. The online sale will run from May 24 throughMay 30. Sydney-based Kimberley Diamonds also owned the Ellendalemine in Australia, which went into administration - with control of the companypassing to an outside specialist - in July 2015.