Petra Diamonds Regulatory News (PDL)

1 Feb 2007 12:11

Petra Diamonds Ld01 February 2007 Petra Diamonds Limited Koffiefontein - Competition Commission Approval Petra Diamonds Limited ("Petra"), the AIM-quoted and ASX-listed diamond group,announces that the South African Competition Commission has approved theacquisition of the assets associated with Koffiefontein diamond mine ("Koffiefontein") by its wholly owned subsidiary, Blue Diamond Mines (Pty) Limited("BDM"), from De Beers Consolidated Mines Limited ("De Beers"). This approvalwas a condition to completion of the acquisition. As announced on 18 December 2006, Petra and BDM have entered into a conditionalagreement ("the Agreement") with De Beers to acquire the mining and associatedcapital assets previously used by De Beers in the operation of Koffiefontein.Completion of the Agreement is now conditional upon the following outstandingterms: (i) the DME issuing a closure certificate to De Beers inrespect of Koffiefontein; and (ii) the DME consenting to the cession, transfer and delegationof the rehabilitation obligations and liabilities in respect of Koffiefonteinfrom De Beers to BDM; and (iii) the return to De Beers by the DME of all amounts andfinancial guarantees previously deposited by De Beers with the DME as part of DeBeers' rehabilitation obligations in respect of Koffiefontein. When the terms above have all been met, which is expected to be in the nearfuture, Petra will commence production from Koffiefontein. For further information, please contact:Cathy Malins / Annabel Leather Telephone: +44 (0) 20 7851 7480Parkgreen Communications, London This information is provided by RNS The company news service from the London Stock Exchange