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De Beers to sell stake in Botswana mining project

November 11, 2009

London--De Beers announced that it plans to sell off its effective 70 percent share in Botswana's AK06 diamond deposit to Canada's Lucara Diamond Corp. for $49 million in cash, a decision the company says was prompted by its strategy of keeping the focus on larger mines.

The sale, which is subject to a number of conditions before it can be finalized, including approval from the government of Botswana, "became an option once the global economic crisis constrained the project to a smaller mining plan," the company said in a media release issued on Wednesday.

"Smaller mines do not fit into De Beers' global production portfolio, which is focused on large-scale projects that deliver superior rates of return and the right production volumes," the release said. "This transaction enables other operators to bring a Botswana mine into production for the benefit of the country."

Stephen Lussier, chairman of De Beers Botswana, called the pending sale a "win-win solution for diamond mining in Botswana," and added that the company expects to announce a major $500 million expansion project at the Jwaneng mine in the coming month.
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