Acquisition of Finsch Diamond Mine - Update

RNS Number : 5268G

Petra Diamonds Ld

13 May 2011

 



 

 

 

Immediate release

13 May 2011

Petra Diamonds Limited

("Petra Diamonds", "Petra", the "Company" or the "Group")

Acquisition of Finsch Diamond Mine - Update

Petra Diamonds announces the following update with regards to the acquisition of the Finsch diamond mine in South Africa ("Finsch") from De Beers Consolidated Mines Limited.

As announced on 21 January 2011, completion of the acquisition was subject to a number of conditions precedent, the majority of which have now been satisfied. The only remaining material conditions are the consent of the Minister of Mineral Resources to the cession of the mining right (including rehabilitation obligations) in respect of Finsch and registration of the ceded mining right in the South African Mineral and Petroleum Titles Registration Office.

The process with regards to satisfying the outstanding conditions is progressing well and the Company will provide an update in due course.

For further information, please contact:

Petra Diamonds Ltd, London	Telephone: [phone]
Cathy Malins	[e-mail]

Buchanan Communications (PR Adviser)	Telephone: [phone]
Bobby Morse Katharine Sutton	[e-mail] [e-mail]

Canaccord Genuity Limited (NOMAD and Joint Broker)	Telephone: [phone]
Robert Finlay	[e-mail]
Andrew Chubb	[e-mail]

RBC Capital Markets (Joint Broker)	Telephone: [phone]
Joshua Critchley	[e-mail]
Martin Eales	[e-mail]

~ Ends ~

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market.

The Company offers an exceptional growth profile within the diamond sector, with a core objective to increase annual production to around 4 million carats by FY 2014 (including Finsch) and further increase output to over 5 million carats by FY 2019 (including Finsch). The Group has a major resource base of 309 million carats (including Finsch).

Petra has a well-diversified portfolio, with interests in seven producing mines: six in South Africa (Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star) and one in Tanzania (Williamson).  Post completion of the Finsch acquisition, the Company will have eight producing mines in Africa.

Petra conducts all its operations according to the highest ethical standards and will only work in countries which are members of the Kimberley Process. The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL). For more information, visit www.petradiamonds.com.

 

END

 

 

ACQATMFTMBIBBAB