Business
Cullinan Mine New Order Right
Cullinan Mine New Order Right.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n10 December 2007\n\n10 December 2007\n AIM: PDL\n\n\n\n Petra Diamonds Limited\n\n\n\n Cullinan Diamond Mine - New Order Mining Right\n\n\nPetra Diamonds Limited ('Petra') announces that the South African Department of\nMinerals and Energy ('DME') has converted the old order mining right in respect\nof the Cullinan Diamond Mine ('Cullinan') into a new order mining right.\n\n\nOn 22 November 2007 Petra, as a member of the Petra Diamonds Cullinan Consortium\n('PDCC'), entered into an agreement with De Beers Consolidated Mines Limited ('\nDe Beers') to acquire Cullinan ('the Transaction'). It is a condition of the\nTransaction that the Cullinan old order right be converted into a new order\nmining right (both in the name of De Beers), before the process of ceding the\nnew order right to PDCC can take place.\n\n\nCompletion of the Transaction is now conditional upon the following remaining\nconditions:\n\n\n(i) approval by the South African Competition Authority;\n\n(ii) Ministerial consent to the cession to PDCC of the new order mining\nright in respect of Cullinan;\n\n(iii) the DME consenting to the cession, transfer and delegation of the\nrehabilitation obligations and liabilities in respect of Cullinan from De Beers\nto PDCC; and\n\n(iv) all 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\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\n\nEnds\n\n\nFor further information, please contact:\nLouise Goodeve / Justine Howarth Telephone: +44 (0) 20 7851 7480\nParkgreen Communications, London\n\n\nAdrian Hadden Telephone: +44 (0) 20 7523 8000\nCollins Stewart, London\n\n\nwww.petradiamonds.com\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]