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Market NewsNewsBotswana's Lerala diamond mine offered for sale at online auction

Botswana's Lerala diamond mine offered for sale at online auction

A diamond mine in Botswana will be offered for sale at an online auction after its liquidators failed to secure viable offers, Bloomberg reported.

Online bids for the Lerala Diamond Mine open at 5 p.m. on May 24 and run through 2 p.m. on May 30, according to a statement published in the weekly Monitor newspaper by the auctioneers, GoIndustry DoveBid, said the Bloombergreport.

Lerala, which is owned by Sydney-based Kimberley Diamonds Ltd., was placed under judicial management in June last year due to weak sales and high operating costs. Lerala produced about 59,000 carats in the year leading up to its closure, compared with a published target of 357,000 carats a year, over a seven-year lifespan, the Bloomberg report said.

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