Deals
De Beers Ends Control of Oldest Diamond Mine With Petra Sale
- Petra buys 49.9% stake in Kimberley Mines, Ekap owns the rest
- De Beers gained full control of South African mine in 1888
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Petra Diamonds Ltd. and a partner agreed to buy De Beers’ Kimberley Mines in South Africa, ending the biggest producer’s 127-year control of the operation that was the catalyst for the modern diamond industry.
Petra, along with Ekapa Minerals (Pty) Ltd. will pay De Beers $7.2 million for the operation where waste rock is processed to recover the precious gems, Petra said in a statement Tuesday. Petra will own 49.9 percent of the project while Ekapa, which will manage the operation, will hold the rest.