02 Oct 2022
DiamondWorld Directory
-
Home |
News
Home
De Beers sells Cullinan mine to Petra
Mine was priced at $150 million
By: Diamond World News Service
|
Nov 22 2007 12:00AM
|
Reference: 1786  

DecreaseIncrease

In a recent report, De Beers has sold its Cullinan mine as an active mine to a new group Petra Diamonds Cullinan Consortium (PDCC), which is to be led by Petra Diamonds. Other members of the group include the Saudi Arabian investment company Al Rahji Holdings and the mining investment company Thembinkosi Mining. The mine was priced at $150 million.

A Petra Share Trust has been created by the the PCCD Group to ensure the Petra employees benefit from the mine's success. Also, Thembinkosi Mining is bringing a significant pool of empowerment players to the deal.

De Beers stated that Petra was selected after assessing its access to funding and technical capabilities and its socio-political focus. Managing Director of DBCM David Noko noted: “We believe that Petra’s track record as a hardrock underground miner bodes well for the long-term sustainability of Cullinan Diamond Mine going forward, and are confident that this will help ensure a long-term opportunity for the Petra-led consortium as the new owners of the mine, as well as guarantee continued investment in the town of Cullinan for many years to come.” De Beers’ decision to sell the mine comes as it intends to focus more on its most profitable projects and less on maximising its market share. It intends to invest in developing new projects like SASA (the recently operational marine mining operation off South Africa's West Coast) and Voorspoed.

Petra has also recently acquired the Dancarl and Koffiefontein from DBCM, and had signed an agreement with De Beers in September to buy out its underground mines in Kimberley. The deal is to be finalised in 2008.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 31513
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 8904
GJEPC Chairman Interview
Views: 27676
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 38681
Promo for IJ Awards 2012 at NDTV Profit
Views: 56488
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 67965
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21510
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50433
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 52279
Member of:
Supporter of: