Petra Diamonds Ld
10 December 2007
10 December 2007
AIM: PDL
Petra Diamonds Limited
Cullinan Diamond Mine - New Order Mining Right
Petra Diamonds Limited ('Petra') announces that the South African Department of
Minerals and Energy ('DME') has converted the old order mining right in respect
of the Cullinan Diamond Mine ('Cullinan') into a new order mining right.
On 22 November 2007 Petra, as a member of the Petra Diamonds Cullinan Consortium
('PDCC'), entered into an agreement with De Beers Consolidated Mines Limited ('
De Beers') to acquire Cullinan ('the Transaction'). It is a condition of the
Transaction that the Cullinan old order right be converted into a new order
mining right (both in the name of De Beers), before the process of ceding the
new order right to PDCC can take place.
Completion of the Transaction is now conditional upon the following remaining
conditions:
(i) approval by the South African Competition Authority;
(ii) Ministerial consent to the cession to PDCC of the new order mining
right in respect of Cullinan;
(iii) the DME consenting to the cession, transfer and delegation of the
rehabilitation obligations and liabilities in respect of Cullinan from De Beers
to PDCC; and
(iv) all regulatory and other approvals as may be required.
As stated within our announcement of 22 November, it is expected that the
remaining conditions will be met between May and July 2008.
A further announcement will follow in due course, which will include a resource
statement for Cullinan, in accordance with the AIM Guidance for Mining
companies, when the new order mining right is transferred to PDCC.
Ends
For further information, please contact:
Louise Goodeve / Justine Howarth Telephone: +44 (0) 20 7851 7480
Parkgreen Communications, London
Adrian Hadden Telephone: +44 (0) 20 7523 8000
Collins Stewart, London
www.petradiamonds.com
This information is provided by RNS
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