Having settled a legal dispute, partners Redaurum (RRK-T) and Auridiam Consolidated plan to increase production at their River Ranch diamond mine in Zimbabwe.
In order to settle a dispute related to the operation and management of the mine, the companies terminated their existing joint venture and entered into a new agreement, whereby each company will hold a half interest in the operating company. No management fees are payable to either party under the new agreement.
The partners now intend to focus on streamlining the operation. This will entail modifying the plant in such a way as to boost production to 600,000 carats by year-end. River Ranch produced 474,000 carats last year.
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