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De Beers granted first mining rights on Voorspoed mine

October 12, 2006

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Johannesburg, South Africa—For the first time since its establishment as a Black Empowered stand-alone within the De Beers Group, De Beers Consolidated Mines (DBCM) announced it has obtained new order mining rights for the Voorspoed mine, located in the Free State Province.

The rights were granted through the country's Mineral and Petroleum Resources Development Act of 2002.

"The Minister of Minerals and Energy, Buyelwa Sonjica, and the department officials at the central and provincial government level have been very helpful in guiding us through this process," said DBCM Managing Director David Noko in a statement. "After a very positive and constructive engagement process, we have reached an agreement with the DME, and we are now, with this license to mine, able to embark on developing a new mine at a cost of R1.2 billion ($158 million). We expect the mine to be in production by mid 2009."

He added that the mine is an exciting development for the company and the diamond-mining industry in South Africa.

A groundbreaking ceremony to symbolize the start of construction is scheduled for Oct. 23.
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