Petra Consortium Gets Closer to Completion of Cullinan Acquisition

December 10, 07 by IDEX Online Staff Reporter

Petra Diamonds Ltd. announced that the old order mining right for the Cullinan Mine, which it is acquiring from De Beers, has been converted into a new order mining right by the South African Department of Minerals and Energy (DME). This fulfills one of the conditions for the sale of Cullinan to the Petra Diamond Cullinan Consortium to be completed.

Completion of the sale is now conditional upon:

approval by the South African Competition Authority
ministerial consent to the cession of the new order mining right to the Petra buying consortium and
the DME’s agreement to this cession and transfer of the rehabilitation obligations and liabilities from De Beers to the Petra consortium.

It is expected that these remaining conditions will be met between May and July 2008.

In related news, Petra Diamonds announced that it has recommenced its mining operations in Angola (Alto Cuilo and its joint venture with BHP Billiton at Luangue), which had been halted in mid-November after a helicopter crash in which five people were killed occurred 80 km from the Alto Cuilo camp.

Diamond Index

Petra Consortium Gets Closer to Completion of Cullinan Acquisition

Cullinan Mine to be Sold to Petra Consortium

Five Killed in BHP Helicopter Crash in Angola

Newsletter