Petra Diamonds Regulatory News (PDL)

19 Feb 2008 07:01

Petra Diamonds Ld19 February 2008 19 February 2008 AIM: PDL Petra Diamonds Limited Cullinan Diamond Mine - Competition Commission Approval Petra Diamonds Limited ("Petra") announces that the South African CompetitionCommission has approved the acquisition of the Cullinan Diamond Mine by thePetra Diamonds Cullinan Consortium ("PDCC") from De Beers Consolidated MinesLimited ("De Beers"). On 22 November 2007 Petra, as a member of the PDCC, entered into an agreementwith De Beers to acquire Cullinan. It was a condition of the acquisition thatCompetition Commission Authority approval be granted. Completion of the acquisition of Cullinan is now conditional upon the followingremaining conditions: (i) Ministerial consent to the cession to PDCC of the new order mining right in respect of Cullinan; (ii) the DME consenting to the cession, transfer and delegation of the rehabilitation obligations and liabilities in respect of Cullinan from De Beers to PDCC; and (iii) regulatory and other approvals as may be required. As stated within our announcement of 22 November, it is expected that theremaining conditions will be met between May and July 2008. A further announcement will follow in due course, which will include a resourcestatement for Cullinan, in accordance with the AIM Guidance for Miningcompanies, when the new order mining right is transferred to PDCC. Ends For further information, please contact: Cathy Malins Tel: +44 (0) 20 7493 7671Petra Diamonds, London Louise Goodeve / Justine Howarth Tel: +44 (0) 20 7851 7480Parkgreen Communications, London Adrian Hadden / Piers Coombs Tel: +44 (0) 20 7523 8000Collins Stewart, London www.petradiamonds.com About Petra Diamonds Petra Diamonds is a pan-African diamond mining group with a balanced portfoliocombining major producing mines, world class exploration assets and a cuttingand polishing business. With operations in South Africa, Angola, Botswana and Sierra Leone, Petra'sobjective remains to develop its stature as a leading diamond producer in all ofthe countries in which it operates. In South Africa, Petra has four producingmines and recently reached agreements to acquire a further two mines from DeBeers (Cullinan and Kimberley Underground). The Company is on track to increaseits annual production from 180,000 carats in the year to June 2007 to over400,000 carats in the year to June 2009 and is targeting annual production ofover 1 million carats thereafter. Complementing the Group's production is an exploration and development portfoliospread across some of the world's most prospective diamond fields. In Angola,Petra is developing its world class Alto Cuilo and neighbouring Luangue projectsin two separate joint ventures with BHP Billiton. In Botswana, Petra hasestablished the largest exploration holding in the country, where it believesthat modern exploration techniques will hold the key to the discovery of new,major kimberlites. In Sierra Leone, Petra is developing a fissure operation andtest work to date indicates the potential for economic operations. The Petra group now employs some 3,000 people in Africa and over the last 10years, the Company has developed a range of social initiatives which continue tomake a meaningful impact upon the lives of employees and surroundingcommunities. Petra's focus remains upon sustainable development, viaeducational programmes and skills transfer, to ensure a broad based approachwith a lasting legacy, and all operations are carried out with the highestregard for the environment according to best practice. For further information, please visit www.petradiamonds.com This information is provided by RNS The company news service from the London Stock Exchange