De Beers Sells Another South African Mine

De Beers Consolidated Mines, the mining giant’s South
African subsidiary, announced May 6 that it has entered into an agreement to
sell its Namaqualand Mines to Trans Hex.

The transaction is valued at 225 million rands, or
approximately $33.2 million.

In a statement, De Beers noted it is reshaping its mining
portfolio to focus on mines that provide a superior level of return. 

“Today’s announcement is testimony to DBCM’s commitment to
involve other participants with empowerment credentials and a cost base in
relation to alluvial diamond mining that is well aligned to the Namaqualand
Mines,” said De Beers Consolidated Mines chairman Barend Petersen in a
statement. “Together with their plans to continue operations at Namaqualand
Mines, Trans Hex has agreed to take on the environmental rehabilitation program
that is currently underway. We believe this will extend the economic viability
of the Namaqualand Mines into the next decade.”

In January, De Beers sold
another South African mine
, Finsch, to Petra.

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