INDIAN JEWELLER

Bonaparte in a fray to acquire Savanna

Savanna holds mining liscense for a 3,073 hectare property

Post By : Diamond World News Service On 06 December 2007 12:00 AM
Petra Diamonds Ltd said it signed an agreement with De Beers Consolidated Mines (DBCM) to acquire the Koffiefontein diamond mine for $11.6 million (R81.9 million), according to a press release.%%The price includes a payment of $11.3 million (R80 million) to assume De Beers’ rehabilitation obligations at Koffiefontein, plus a cash payment of around $270,366 (R1.9 million) to De Beers.%%Petra has also applied for a new order mining right to the South African department of minerals and energy, which it expects to be issued shortly. De Beers ceased mining at Koffiefontein when its old order mining right expired in February 2006.

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