De Beers Sells Cullinam Diamond Mine To Petra Diamonds
De Beers, the world’s leading diamond company, declared on Wednesday that it was selling its Cullinan Diamond Mine in South Africa, which is the producer of the largest diamond, The Cullinan, which weighed over 3000 carats, uncut. The grand mine will go off for $147 million to the Petra Diamonds that is the second largest producer of diamonds in South Africa after De Beers, and is allied in the country to Thembinkosi Mining Investments Limited. Gareth Penny, Managing Director of the De Beers Group stated that the deal would enable his company to use the capital to invest in exciting growth opportunities, and to maintain a strong diamond mining business in the country for the future. Petra chief executive Johan Dippenaar too was pleased to have concluded the major transaction for his company. The illustrious Cullinan Diamond Mine gets the distinction of being the only noteworthy producer of rare blue diamonds.
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9:36 AM
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