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De Beers sells Cullinan mine

November 27, 2007

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Johannesburg, South Africa—De Beers Consolidated Mines (DBCM) has sold its diamond mine in Cullinan, South Africa, to a group of companies calling themselves the Petra Diamonds Cullinan Consortium (PDCC) for $141.7 million.

The consortium is composed of Petra Diamonds Ltd., the Saudi-based investment company Al Rajhi Holdings WLL and Thembinkosi Mining Investments (Pty) Ltd.

The move is part of De Beers' effort to realign its mining portfolio and shift its focus away from controlling market share.

The Cullinan mine is the third mine DBCM has sold, or is in the process of selling, to Petra.

Petra already has purchased the Dancari Mine in the Barkley West District and the Koffiefontein Mine. The company also has reached an agreement to buy DBCM's Kimberley underground mines, a deal that will be finalized in early 2008.

According to DBCM, the Cullinan sale concludes the company's portfolio review process and, going forward, the company now will concentrate on new projects, such as SASA, the marine mining operation off the west coast of South Africa, and Voorspoed.

"This will enable De Beers to best use our capital to invest in exciting growth opportunities and to sustain a strong diamond-mining business in South Africa for the future," De Beers Managing Director Gareth Penny said in a statement. "In this way, De Beers is strengthening its commercial future in South Africa whilst helping to meet (the) government's aspirations for a diversified, transformed South African diamond industry."

The Cullinan mine has been in operation for nearly 100 years. Named for its discoverer Sir Thomas Cullinan, it is famous for producing the 3,000-plus-carat Cullinan Diamond in 1905, still the largest diamond ever mined.
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