De Beers Sells Finsch Diamond Mine in South Africa to Petra Diamonds
About $200 million...De Beers Consolidated Mines (DBCM) entered into an agreement with Petra Diamonds to sell the Finsch Diamond Mine in South Africa for about $200 million (ZAR 1.425 billion) in an all cash transaction, it’s been announced today, January 21.
In 2007, Petra bought De Beers’ Cullinan and Kimberley mines, both in the country.
A Petra release said Finsch is South Africa’s second largest diamond mine by production. It will become the eighth diamond mine in Petra’s portfolio.
Johan Dippenaar, CEO of Petra, said: “Finsch is a major diamond producer. This acquisition will serve to immediately more than double our current production.”
Phillip Barton, CEO of De Beers Consolidated Mines, the company’s South African division, added: “The sale of Finsch Mine reflects the continuing evolution of DBCM’s mining portfolio. It will enable us to prioritize capital to invest in growth opportunities that best suit our criteria, and to sustain a strong diamond mining business in South Africa for the future.”
DBCM will continue to manage Finsch until the sale has been finalized.
By: JewelryOurs
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