Petra Diamonds Limited has acquired the Ministerial consent in respect to the cession and transfer of the Cullinan new order mining right to Cullinan Diamond Mine (Pty) Limited (“CDM”). CDM is wholly owned by the members of the Petra Diamonds Cullinan Consortium (“PDCC”), and represents the interests of PDCC in Cullinan.
Last year on 22 November 2007, PDCC had entered into an agreement with De Beers Consolidated Mines Limited (‘De Beers’) to acquire Cullinan. De Beers had placed a condition that Ministerial consent under Section 11 of The Mineral and Petroleum Resources Development Act was important for the cession of the Cullinan new order mining right to be handed to Petra. With the consent now in place, De Beers is required to transfer the registration of the Cullinan new order mining right into the name of CDM, at the Mineral and Petroleum Titles Registration Office.
The process of acquisition is being carried out as per the defined schedule for July 2008, when Petra (as a member of PDCC) will take over the operation of the mine from De Beers. When the acquisition stands complete, Petra will publish a Cullinan resource statement in accordance with the AIM Guidance for Mining Companies.