HomeDiamonds & GemstonesMine sales will take till 2011

Mine sales will take till 2011

Namaqualand Mines “’
searching for diamonds
up to 40m deep.
Johannesburg, South Africa — MININGREVIEW.COM — 04 August 2010 – The De Beers Group “’ the world’s biggest diamond producer “’ expects expressions of interest from potential buyers of its two South African mines in a few weeks, but may only finalise the sales in 2011.

De Beers spokesman Tom Tweedy said the company would take several months to complete the processes required to sell the Namaqualand and Finsch diamond mines, from the time it received non-binding offers from prospective buyers to the conclusion of a due diligence and a final agreement.

He would not give details on the number of companies interested in the two mines.

“The first stage of the process is underway and we expect the expressions of interest back in the next few weeks. We expect this process will continue for many months and well into 2011,” Tweedy told Reuters. “In this period the company continues to manage the operations,” he added.

Tweedy said the company would look at the financial and technical capabilities, including black empowerment plans of prospective buyers, before short-listing companies interested in purchasing the two assets.

De Beers is 45% owned by mining giant Anglo American, 40 % by South Africa’s Oppenheimer family, and 15% by the government of Botswana.