Business
Update
Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n RNS Number : 2442U Petra Diamonds Ld 13 May 2008 \n \n\n\n13 May 2008 AIM: PDL\nPetra Diamonds Limited ('Petra' or 'the Company') Update\n\nAngola - Petra to assume control of Alto Cuilo and Luangue \n\nSouth Africa - diamond prices surpassing expectations and Cullinan acquisition on track\n\n\nPetra Diamonds, the international diamond mining group, is pleased to announce important developments with regards to the Company's exploration programme in Angola as well as an update on diamond prices achieved and progress on the acquisition of Cullinan in South Africa.\n\nSummary\n\nAngola\n\n\nBHP Billiton is to transfer its interests in the joint venture exploration projects at Alto Cuilo and Luangue to Petra\n\n\nAt both projects this will enable Petra to take full control of the exploration data generated to date as well as creating the opportunity to significantly accelerate the test and drilling programmes\n\n\nAt Luangue, Petra is pleased to announce that a low level, high resolution aeromagnetic survey has identified 138 targets, and an initial drilling programme is planned to commence within two months\n\n\nSouth Africa\n\n\nThe latest tenders for diamonds from Koffiefontein and the fissure mines have delivered excellent prices. The average sales value for Koffiefontein stones for the four months to end April 2008 was US$484 per carat, an 18.6% increase vs the six months to 31 December 2007, placing Koffiefontein amongst the world's top kimberlite diamond mines by value per carat. The March and April tenders fetched $524 and $526 per carat respectively \n\n\nThe acquisition of Cullinan is progressing well and completion of the transaction remains on track for July 2008. Due to forward foreign exchange cover put in place during the recent spell of Rand weakness, Petra's contribution to the acquisition cost of Cullinan has reduced from US$50m to approximately US$40m \n\n\n\n\nAdonis Poroulis, Chairman of Petra, said: 'We are announcing today a number of positive developments. Our joint venture with BHP Bill...