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De Beers to sell 70% stake in AK06 to junior diamond mining company
The deal will be in cash
By: Diamond World News Service
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Nov 11 2009 7:09PM
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Reference: 4360  

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De Beers is preparing to sell off its effective 70 percent share in the AK06 diamond deposit, to a Canadian junior diamond mining company named Lucara Diamond Corporation. The deal will be worth US$49 million and in cash. The sale is subject to conditions including permission from the Government of Botswana.

The sale had been considered by De Beers, since the global economic crisis constrained the project to a smaller mining plan and smaller mines are not part of De Beers’ global production portfolio focused at large-scale projects delivering superior rates of return and the right production volumes.

De Beers believes that the sale would enable other operators to start up production of a Botswana mine for the benefit of the country. Stephen Lussier, Chairman of De Beers Botswana commented, “This is a win-win solution for diamond mining in Botswana. While De Beers will focus its resources in Botswana on large-scale projects that give us a better strategic fit - and in this regard expects to announce a major $500 million expansion project at the Jwaneng mine in the coming month - smaller operators will have the opportunity to bring AK06 into production, helping to reinforce Botswana’s position as the world’s leading diamond producing country.”

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