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De Beers sells Williamson Mine to Petra

September 10, 2008

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Dar Es Salaam, Tanzania—De Beers Sociétété Anonyme has agreed to sell its stake in a Tanzanian diamond mine to Petra Diamonds Ltd. for $10 million, De Beers announced this week.

According to a release, De Beers had a 75 percent stake in Williamson Diamonds Limited (WDL), held through its wholly-owned subsidiary Willcroft Co. Limited.

WDL, an incorporated joint venture between the government of Tanzania and De Beers, operates the open-pit Williamson Mine at Mwadui in the Shinyanga Region of northern Tanzania.

The mine employs 800 people and 400 contractors. In 2007, the mine yielded 220,209 carats worth $23 million.

Canadian gemologist Dr. John Williamson discovered the Mwadui kimberlite in 1940. Mining began soon after, with De Beers purchasing a 50 percent shareholding in the mine in 1958.

Completion of the transaction is slated for mid October.

De Beers Group Managing Director Gareth Penny said the sale of its shareholding in Williamson Diamonds is part of the company's overall strategy to position itself for long-term growth by reviewing its mining portfolio.

"As we build the De Beers of the future we are also creating new opportunities for other players in an increasingly diversified and competitive global diamond industry," he said.

In September 2007, De Beers made another mine sale to Petra, handing over its Kimberley underground mines in South Africa for $11 million.

The transaction marks Petra's entry into Tanzania.
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