De Beers is preparing to sell off its effective 70 percent share in the AK06 diamond deposit, to a Canadian junior diamond mining company named Lucara Diamond Corporation. The deal will be worth US$49 million and in cash. The sale is subject to conditions including permission from the Government of Botswana. %% The sale had been considered by De Beers, since the global economic crisis constrained the project to a smaller mining plan and smaller mines are not part of De Beers’ global production portfolio focused at large-scale projects delivering superior rates of return and the right production volumes. %% De Beers believes that the sale would enable other operators to start up production of a Botswana mine for the benefit of the country. Stephen Lussier, Chairman of De Beers Botswana commented, “This is a win-win solution for diamond mining in Botswana. While De Beers will focus its resources in Botswana on large-scale projects that give us a better strategic fit - and in this regard expects to announce a major $500 million expansion project at the Jwaneng mine in the coming month - smaller operators will have the opportunity to bring AK06 into production, helping to reinforce Botswana’s position as the world’s leading diamond producing country.”