London, England — MININGREVIEW.COM — 09 June 2008 – Petra Diamonds – an international diamond mining group with operations in South Africa, Angola, Botswana and Sierra Leone – has been granted ministerial approval for the cession and transfer of the new order mining right to Cullinan Diamond Mine (Pty) Limited (CDM) from De Beers Consolidated. CDM is wholly owned by the members of the Petra Diamonds Cullinan Consortium (PDCC).
A Petra Diamonds statement issued here said the timetable for completion of the Cullinan acquisition remained on track for July 2008, when Petra will take over the operation of the mine from De Beers.
On 22 November 2007 PDCC entered into an agreement with De Beers to acquire Cullinan for a total of R1 billion. A condition of the acquisition was that ministerial consent under Section 11 of The Mineral and Petroleum Resources Development Act for the cession of the Cullinan new order mining right be granted. The completion of the acquisition is now conditional upon the registration in the mineral and petroleum titles registration office of the transfer by De Beers of the Cullinan new order mining right into the name of CDM.
The statement added that when this condition was met Petra would publish a Cullinan resource statement in accordance with the AIM Guidance for Mining Companies.
The Cullinan Diamond Mine is where the world’s largest diamond – the Cullinan – was discovered.