Business
Update re Koffiefontein Mine
Update re Koffiefontein Mine.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n01 February 2007\n\n Petra Diamonds Limited\n\n Koffiefontein - Competition Commission Approval\n\n\nPetra Diamonds Limited ('Petra'), the AIM-quoted and ASX-listed diamond group,\nannounces that the South African Competition Commission has approved the\nacquisition of the assets associated with Koffiefontein diamond mine ('\nKoffiefontein') by its wholly owned subsidiary, Blue Diamond Mines (Pty) Limited\n('BDM'), from De Beers Consolidated Mines Limited ('De Beers'). This approval\nwas a condition to completion of the acquisition.\n\n\n\nAs announced on 18 December 2006, Petra and BDM have entered into a conditional\nagreement ('the Agreement') with De Beers to acquire the mining and associated\ncapital assets previously used by De Beers in the operation of Koffiefontein.\nCompletion of the Agreement is now conditional upon the following outstanding\nterms:\n\n\n\n(i) the DME issuing a closure certificate to De Beers in\nrespect of Koffiefontein; and\n\n(ii) the DME consenting to the cession, transfer and delegation\nof the rehabilitation obligations and liabilities in respect of Koffiefontein\nfrom De Beers to BDM; and\n\n(iii) the return to De Beers by the DME of all amounts and\nfinancial guarantees previously deposited by De Beers with the DME as part of De\nBeers' rehabilitation obligations in respect of Koffiefontein.\n\n\n\nWhen the terms above have all been met, which is expected to be in the near\nfuture, Petra will commence production from Koffiefontein.\n\n\n\n\n\nFor further information, please contact:\nCathy Malins / Annabel Leather Telephone: +44 (0) 20 7851 7480\nParkgreen Communications, London\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]