Petra To Pay $210M For De Beers Diamond Mine

Law360, New York (January 21, 2011, 3:28 PM EST) -- Petra Diamonds on Friday said it had agreed to pay 1.4 billion rand ($210 million) to buy South Africa's second-largest diamond mine from De Beers Consolidated Mines, which will double the London-based rough diamond supplier's annual production.

The deal will give Petra a 74 percent stake in the Finsch diamond mine. The other 26 percent will belong to a consortium of Sedibeng Mining (Pty) Ltd., Namoise Mining (Pty) Ltd. and the Petra Diamonds Employee Share Trust, which is designed to benefit the company's South African employees,...
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