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De Beers' Boteti Exploration applies for mining license

October 01, 2007

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Johannesburg, South Africa—Boteti Exploration Co., a joint venture between De Beers, African Diamonds Plc and Wati Ventures, submitted an application for a mining license to mine the AKO6 deposit in Botswana.

The application to mine the deposit—discovered by De Beers Prospecting Botswana and located southwest of Letlhakane—was submitted to Botswana's Ministry of Minerals, Energy and Water Resources on Sept. 28.

De Beers holds 66.2 percent of the shares in the company, African Diamonds holds 28.8 percent and Wati Ventures holds 5.4 percent.

If a mining license is successfully secured, operations are expected to begin in the fourth quarter of 2009. The mine will be an open-pit operation with an estimated life of 10 years and an annual production of approximately 1 million carats. Once up and running, the mine will employ approximately 240 permanent employees during phase one of the operation, increasing to 320 permanent employees during phase two. Employment levels during construction (which would precede mining) are expected to peak at about 1,500 workers.

De Beers has been appointed operator by the shareholders.

"De Beers and its partners are pleased at the prospect to operate another diamond mine to benefit the shareholders, stakeholders and the country," Sheila Khama, De Beers Botswana chief executive officer and a non-executive director of Boteti, said in a statement. "This project will take the relationship between De Beers and its partners to a new level, and will enhance Botswana's position as the leading producer of diamonds, by value, in the world."

John Teeling, chairman of African Diamonds and a non-executive director of Boteti, said he's excited about his company's first diamond mine in Botswana in partnership with De Beers and Wati Ventures.

"The Boteti joint venture also has other prospecting licenses in Botswana and through these we hope to develop new mines in this country," he said.
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