Southstone Minerals Limited has extended its acquisition agreement with Afrium Energy Pte. Ltd., aimed at securing uranium assets in Botswana. The move signals Southstone’s continued commitment to expanding its footprint in the energy minerals sector.
The original binding term sheet, signed in February 2025, outlined Southstone’s intentions to acquire strategic uranium interests in Botswana. Under the newly signed addendum, the agreement’s deadline has been extended by 60 days, pushing the finalisation date to September 12, 2025. All other terms of the deal remain unchanged.
Southstone emphasised that the extension allows both parties additional time to complete due diligence and regulatory processes. The company also reaffirmed its focus on maintaining momentum at its flagship Oena Diamond Mine in South Africa while pursuing growth opportunities in the uranium space.
ALSO READ:
Lotus to receive environmental certificate for Kayelekera
The Botswana uranium acquisition marks a significant step in Southstone’s broader strategy to diversify beyond diamonds and into critical energy minerals. With global demand for uranium rising amid renewed interest in nuclear energy as a low-carbon power source, the company sees this move as both timely and forward-looking.
Botswana, known for its stable political environment and mining-friendly policies, has become an increasingly attractive destination for uranium exploration. The country’s underexplored uranium potential, combined with Southstone’s operational experience in southern Africa, positions the company well to capitalise on emerging opportunities.
Southstone Minerals is a Canadian mining company primarily focused on alluvial diamond production through its operations at the Oena Diamond Mine in the Northern Cape Province of South Africa. The company has been actively seeking to expand its asset base and diversify its mineral portfolio, with the Botswana uranium project representing a key milestone in that effort.
