Diamond

Endeavour Mining Corporation (TSE:EDV) announced the closing of the sale of its 47.3% owned diamond subsidiaries.

Endeavour Mining Corporation (TSE:EDV) announced the closing of the sale of its 47.3% owned diamond subsidiaries.

As quoted in the press release,

As consideration for the sale, Endeavour received 1,234,660 shares of Rockwell Diamonds Inc. (TSE:RDI), which were valued at approximately CDN$0.6 million on October 11, 2011, and Rockwell assumed all the debt and contingent liabilities of the Corporation related to the diamond assets, which at June 30, 2011 were US$14.8 million.  Total net liabilities of Endeavour’s diamond subsidiaries at June 30, 2011 were US$2.7 million.  The agreement to sell these non-core diamond assets was announced in September 2010 as part of Endeavour’s strategic plan to grow into an intermediate gold producer.

Click here to read the Endeavour Mining Corporation (TSE:EDV) press release. 

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