De BeersIs it just me, or does the following news release smell like a future DRL purchase in the wind?
JOHANNESBURG (AFP) - The world's biggest diamond company De Beers said Thursday it was selling its historic Cullinan Diamond Mine in South Africa, where the largest ever diamond was found.
It said it was selling the mine for one billion rand (147 million US dollars, 99 million euros).
The sale of the mine, based 40 kilometres (24 miles) east of the capital Pretoria, to the Petra Diamonds Cullinan Consortium -- which has a strong black empowerment element -- completes De Beer's review of its mining portfolio in the country.
"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," said Gareth Penny, Managing Director of the De Beers Group.