VANCOUVER, British Columbia (AFX) - Motapa Diamonds Inc. announced Wednesday the termination of an exploration and farm-in option agreement with BHP Billiton on Motapa's African mineral interests.
Under the agreement, BHP Billiton had an option to earn a majority interest in Motapa's African holdings on pre-negotiated terms.
In addition, Motapa had certain obligations to BHP Billiton regarding disposition of the African interests and a loan repayment obligation, decreased to less than 10 percent, triggering termination of the deal.
Motapa has interests in prospective diamond properties in Botswana, Gabon, Lesotho, Mozambique, Namibia and Zambia.
The company also holds licences to explore for gold, uranium and manganese in Gabon.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.