African Diamonds increases stake in AK6 diamond mine

African Diamonds has implemented increasing its stake in the AK6 diamond deposit in Botswana, from 28 percent to 40 percent, reports say. The deal entailed a payment of $8 million to Lucara Diamond and Wati Ventures. Lucara Diamond holds the remaining equity in the AK6 diamond deposit, reports add.

African Diamonds believes the increase in its stake is a step towards enhancing its role and image as a diamond mining company. It is projecting, that by end-2011, it will see a flow of up to 400,000 carats per year with a value of up to $200 per carat upon achieving full production, reports add.