Canada’s African Queen Mines gives up business in Mozambique and Botswana

9 March 2010

Vancouver, Canada, 9 March – Canadian group African Queen Mines has decided to give up on its projects in Fingoé, Mozambique and the Okavango diamond mine in Botswana, as part of a reassessment of its asset portfolio, the company said in a statement.

The statement said that the company’s board of directors had analysed in detail its assets in Southern Africa and in the case of Mozambique had decided to close the Fingoé gold mine in partnership with Manica Minerals to focus on the Rei Salomão gold mine in partnership with Swiss company Opti Metal Trading Ltd.

In the case of Botswana, African Queen Mines decided to give up on the Okavango diamond mine, in the northwest of the country, due to disappointing results, and concentrate its efforts on the Tsau and Namibia diamond projects, also in the northwest of the country.

African Queen Mines focuses its activity on prospecting and has several mines in Southern and West Africa.

In Mozambique, where it operates via its subsidiary PAM Moçambique Ltd, and in Ghana, via AQ Ghana Gold Ltd, it prospects for gold and other metals and in Botswana and Namibia, via PAM Botswana, its prospects for diamonds. (macauhub)