(MENAFN- ProactiveInvestors)Richland Resources (LON:RLD) has finalised a settlement with Sky Associates over the sale of its Tanzanite business. The miner which has already received US$4.59mln from the sale has decided not to claim the US$510000 deferred payment due on 8 June. Richland and Sky have agreed that neither will make any further claims against the other in relation to the sale agreement unless there is a breach of the sale terms. Bernard Olivier Richland chief executive said: "This concludes the sale of our Tanzanian operations and allows the group to focus 100% on the operation of our Capricorn Sapphire project. 'It represents a major achievement for Richland in exiting from its Tanzanian operations which have been loss making in recent years.' Capricorn sits within the Queensland sapphire gem fields a region historically known as one of the biggest sapphire fields in the world.
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