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Petra Diamonds forms JV with Ekapa Mining
It combines the respective operations, owned and operated by the joint venture partners
By: Diamond World News Service
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Jul 8 2016 5:12PM
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Reference: 13211  

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Image Courtesy: Petra Diamonds
Image Courtesy: Petra Diamonds
Petra Diamonds and Ekapa Mining (Pty) Ltd have entered into a joint venture agreement, which combines the respective operations, owned and operated by the joint venture partners in the Kimberley area. The joint venture has resulted into an unincorporated joint venture named the Kimberley Ekapa Mining Joint Venture ("KEM JV").

Johan Dippenaar, Chief Executive Officer, said, "These assets fit well with the Group portfolio, given Petra's existing Kimberley Underground operations in the area. Importantly, the transaction demonstrates our commitment to ensuring a sustainable future for the diamond mining industry in Kimberley, which will benefit the Kimberley Mines workforce and local community. The KEM JV is expected to bring significant synergies to the operations at Kimberley, including the ability to increase throughput and reduce operating costs, thereby extending the operation's mine life.”

The respective operations comprise of Petra's Kimberley Underground mines (via its subsidiary Crown Resources (Pty) Ltd); Ekapa Mining's tailings operations (via its subsidiaries Super Stone Mining (Pty) Ltd ("Super Stone Mining"), and Kimberley Miners Forum (Pty) Ltd); and Kimberley Mines tailings operations (via Ekapa Minerals (Pty) Ltd owned 50.1 percent Ekapa Mining and 49.9 percent Petra).

Ekapa Minerals acquired Kimberley Mines from De Beers Consolidated Mines (Pty) Limited, which came into effect on 18 January 2016. This transaction introduced a number of producing tailing deposits in the Kimberley area, as well as a 6 Mtpa 'state-of-the-art' Combined Treatment Plant ("CTP"), which will be capable of processing ore from both ROM and tailings sources. Processing of tonnes through the plants at Kimberley Underground mines have ceased and future processing of both underground and surface resources will be done utilising the CTP.

The joint venture which has officially come into effect since 1 July 2016, will lead to effective interests in the combined operations as Petra Diamonds and its BEE partners having 75.9 percent and Ekapa Mining holding 24.1 percent.

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