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Petra completes acquisition of Willcroft
This will allow it to access to the Williamson mine
By: Diamond World News Service
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Feb 19 2009 4:03PM
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Reference: 3554  

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Petra Diamonds has announced that it has completed the acquisition (as announced on 9 Holdings September 2008) of Willcroft Company Limited (“Willcroft”) from Cheviot Limited, a wholly owned subsidiary of De Beers Société Anonyme.

This allows Petra access the Williamson mine in Tanzania, as Willcroft owns 75 percent stake in Williamson Diamonds Limited, which in turn owns and operates the Williamson diamond mine. Twenty-five percent of the stake in Williamson mine is owned by the Government of the United Republic of Tanzania. Johan Dippenaar, CEO of Petra Diamonds, said: "Williamson is a world-class diamond mine and we are delighted to be a part of its future. We would like to thank the Government of the United Republic of Tanzania for their support in completing this transaction and we look forward to working with them as our partner in taking the mine forward.”

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