Johannesburg, South Africa — MININGREVIEW.COM — 23 March 2010 – De Beers Consolidated Mines Ltd (DBCM) has announced its intention to invite expressions of interest from mining companies regarding a disposal process it is initiating in respect of its Jagersfontein Diamond Property in the Free State
The mine operated from 1870 to 1971, producing a tailing mineral resource of just over 13 million tonnes at an average grade of 12.8 cpht. For a number of years, DBCM has publicly affirmed its intention to offer the Jagersfontein Property to investors, an undertaking it is now fulfilling.
In its day the mine was the source of some of the world’s largest diamonds, notably the Excelsior of 995.20 carats discovered in 1893, and until the discovery of the Cullinan Diamond the world’s largest rough diamond.
The process to be followed in inviting mining companies to express their interest will be initiated by the advertisement of a DBCM request for ‘expressions of interest’ (EOI) in the Jagersfontein Property. The Company expects to proceed later this month with the public process.
The company expects the diamond asset will attract interest as there are a number of competent mining companies experienced in processing such resources. It notes an improvement in the junior diamond mining sector and in the outlook for rough diamonds, which is beginning to show some signs of recovery.