The Botswana diamond operations of Firestone are held directly or indirectly, via the company’s subsidiary, Firestone Diamonds Botswana, and its 90% owned subsidiary, Monak Ventures.
Tango is currently in discussions to buy the remaining 10% stake in Monak from Tema Thuo.
The BK11 Mine is a past producing diamond project situated in the Orapa District of Botswana. Tango is preparing a development strategy to reactivate the past producing open pit mining operation.
Firestone Diamonds chief executive officer Stuart Brown said: "The disposal of the Botswana operations, including the BK11 mine, enables us to focus solely on our flagship asset, the Liqhobong Diamond Mine, in the Kingdom of Lesotho, where we will commence production during Q4 2016."
Firestone said it will use the proceeds of the disposal in the construction and development of its Liqhobong Mine in Lesotho.
Tango Mining executive chairman Terry Tucker said: "Our acquisition of the BK11 Mine is another major milestone for Tango following its acquisition of the African Star Minerals Group in October of last year.
"The acquisition will build on our existing portfolio of mining properties and mining service contracts in South Africa."
