Lucapa Diamond executed a conditional binding sales and purchase agreement with Lephema Executive Transport to sell its 70% stake in Mothae Diamonds, which owns the Mothae Diamond Mine in Lesotho.
The move comes after a comprehensive review of Lucapa's asset portfolio by its recently restructured board of directors.
The agreement allows Lucapa to focus on its key assets in Angola and Australia.
The company will receive a nominal purchase price of $10,000 from Lephema Executive Transport, along with approximately $1 million in outstanding technical services payments.
Lephema Executive Transport will also assume all liabilities and guarantee obligations relating to Mothae. The company anticipates completing the divestment by Sept. 30.