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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  


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.

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