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Competition Commission
Competition Commission.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n19 February 2008\n\n\n19 February 2008 AIM: PDL\n\n\n Petra Diamonds Limited\n\n Cullinan Diamond Mine - Competition Commission Approval\n\nPetra Diamonds Limited ('Petra') announces that the South African Competition\nCommission has approved the acquisition of the Cullinan Diamond Mine by the\nPetra Diamonds Cullinan Consortium ('PDCC') from De Beers Consolidated Mines\nLimited ('De Beers').\n\nOn 22 November 2007 Petra, as a member of the PDCC, entered into an agreement\nwith De Beers to acquire Cullinan. It was a condition of the acquisition that\nCompetition Commission Authority approval be granted.\n\nCompletion of the acquisition of Cullinan is now conditional upon the following\nremaining conditions:\n\n\n (i) Ministerial consent to the cession to PDCC of the new order mining \n right in respect of Cullinan;\n\n (ii) the DME consenting to the cession, transfer and delegation of the \n rehabilitation obligations and liabilities in respect of Cullinan from \n De Beers to PDCC; and\n\n (iii) regulatory and other approvals as may be required.\n\n\nAs stated within our announcement of 22 November, it is expected that the\nremaining conditions will be met between May and July 2008.\n\nA further announcement will follow in due course, which will include a resource\nstatement for Cullinan, in accordance with the AIM Guidance for Mining\ncompanies, when the new order mining right is transferred to PDCC.\n\n\nEnds\n\n\nFor further information, please contact:\n\nCathy Malins Tel: +44 (0) 20 7493 7671\nPetra Diamonds, London\n\n\nLouise Goodeve / Justine Howarth Tel: +44 (0) 20 7851 7480\nParkgreen Communications, London\n\n\nAdrian Hadden / Piers Coombs Tel: +44 (0) 20 7523 8000\nCollins Stewart, London\n\n\nwww.petradiamonds.com\n\n\n\nAbout Petra Diamonds\n\nPetra Diamonds is a pan-African diamond mining group with a balanced portfolio\ncombining major producing mines, world class exploration assets and a cutting\nand polishing business.\n\nWith operations in South Africa, Angola, Botswana and Sierra Leone, Petra's\nobjective remains to develop its stature as a leading diamond producer in all of\nthe countries in which it operates. In South Africa, Petra has four producing\nmines and recently reached agreements to acquire a further two mines from De\nBeers (Cullinan and Kimberley Underground). The Company is...