Lerala Mine Sells for $8M

RAPAPORT... A Botswana-based consortium bought the Lerala diamond mine for $8.1 million in an online auction on Wednesday, the asset's liquidatorstold Rapaport News.The exact identity of the winner is confidential until the full sale process and regulatory proceedings are complete, John Taylor, associate director of GoIndustry DoveBid South Africa, said Thursday. There were approximately 80 bids for the Botswana mine, he added.Australia-based Kimberley Diamonds placed Lerala into judiciary management, a restructuring option for insolvent companies, in June last year due to a lack of funding. Liquidators at GoIndustry DoveBid put the project - together withassociated equipment - up for sale from May 24 until Wednesday after failing to secure viable bids.While there was no pre-sale estimate of the price, theliquidators were "happy with the outcome," Taylor said.