19th Feb 2009 07:00
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19 February 2009 |
AIM: PDL |
Petra Diamonds Limited
("Petra Diamonds")
Completion of Williamson Transaction
Petra Diamonds, the international diamond mining group, announces the completion of the acquisition (as announced on 9 September 2008) of Willcroft Company Limited ("Willcroft") from Cheviot Holdings Limited, a wholly owned subsidiary of De Beers Société Anonyme.
Willcroft owns 75% of Williamson Diamonds Limited, the owner and operator of the Williamson diamond mine in Tanzania. The Government of the United Republic of Tanzania holds the remaining 25% interest.
Johan Dippenaar, CEO of Petra Diamonds, said: "Williamson is a world-class diamond mine and we are delighted to be a part of its future. We would like to thank the Government of the United Republic of Tanzania for their support in completing this transaction and we look forward to working with them as our partner in taking the mine forward."
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For further information, please contact:
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Cathy Malins |
Telephone: +44 20 7318 0452 |
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Petra Diamonds, London |
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Adrian Hadden / Piers Coombs |
Telephone: +44 20 7523 8000 |
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Collins Stewart, London |
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Media relations:
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Julian Walker / Anna Keeble / Simon Hockridge |
Telephone: +44 20 7357 9477 |
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Hogarth Partnership, London |
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James Duncan / Nicola Taylor |
Telephone: +27 11 880 3924 |
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Russell and Associates, Johannesburg |
About Petra Diamonds
Petra Diamonds is a rapidly growing diamond mining group, focused on the African continent. A number of recent acquisitions have established Petra Diamonds as one of the world's largest independent diamond groups by resources, with a total resource base of 265 million carats (as at September 2008 Resource Statement). The Company's objective is to continue to develop its stature as a leading diamond producer in all of the countries in which it operates.
Petra Diamonds is on track to increase its annual production from 200,000 carats in the year to June 2008 to over 1 million carats in the year to June 2009.
In South Africa, Petra Diamonds has five producing mines - Cullinan, Koffiefontein, Helam, Sedibeng and Star - and has also reached agreement to acquire, from De Beers, the Kimberley Underground mines. In Tanzania, Petra has recently acquired a 75% interest in the Williamson mine.
Petra Diamonds will only commit to working in countries which are members of the Kimberley Process and shareholders can remain assured that the Company's diamonds will only ever be 100% conflict free. Petra Diamonds is listed in London under the share code PDL.
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