Business
Koffiefontein Completion
Koffiefontein Completion.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n18 July 2007\n\n\n\n Petra Diamonds Limited\n\n Koffiefontein - Acquisition Completed\n\n\nPetra Diamonds Limited ('Petra' or 'the Group') announces the completion of the\nacquisition of the Koffiefontein mine and associated assets ('Koffiefontein')\nfrom De Beers Consolidated Mines Limited ('De Beers').\n\n\nHighlights\n\n\n • Acquisition of Koffiefontein from De Beers completed - Petra can now\n commence sales of Koffiefontein diamonds\n • 16,700 carats recovered to date during plant testing, including one\n exceptional high quality stone of 60.25 carats and a further 35 stones\n larger than 10 carats each; these diamonds will be put on tender shortly\n and, based on historical prices received for Koffiefontein diamonds, Petra\n expects significant interest in the tenders\n • Petra has accumulated a substantial stockpile of ore since it commenced\n care and maintenance activities of the cave at Koffiefontein in July last\n year - Petra estimates that this stockpile includes at least a further\n 30,000 carats of production\n • Petra expects annual sales from Koffiefontein of around 95,000 carats and\n revenues of approximately US$20 million\n\n\nAdonis Pouroulis, Chairman of Petra, commented; 'Shareholders' patience with\nregards to the acquisition of Koffiefontein will now be rewarded. Petra has\nhistorically only focused on production from fissure mines, but over the last 2\nyears or so we have built up the management capability to successfully run\nunderground mines such as Koffiefontein. Our first diamond recoveries are very\npositive, and Petra is confident that Koffiefontein will deliver substantial\nproduction and revenue growth to the Petra group.'\n\nPetra has, over recent weeks, been running the Koffiefontein plant to test plant\nmodifications. Petra has to date recovered 16,700 carats from this test phase\nincluding one exceptional stone of 60.25 carats, as well as a further 35 stones\nlarger than 10 carats each, many of which are of very high quality. Whilst these\nare only test results and cannot be replied upon as a run of mine production\nprofile, should these recoveries continue then the assumptions applied by Petra\nin its modeling in respect of both grade and value per carat at Koffiefontein\nwill be exceeded.\n\nPetra will put the first parcels of Koffiefontein production on tend...