Mine of the Times

On Jan. 21, De Beers announced the sale of its Finsch mine in South Africa to Petra Diamonds for approximately $200 million. In 2007, Petra bought De Beers’ Cullinan and Kimberley mines. Analysts call Finsch—one of De Beers’ most modern operations—a huge score for Petra. It is South Africa’s second-largest diamond mine by production, after De Beers’ Venetia mine. Finsch will become the eighth diamond producer in Petra’s portfolio and will double the company’s current output. De Beers Consolidated Mines will continue to manage Finsch until the sale has been finalized.

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