De Beers Sells Jagersfontein Mine

We publish courtesy of RAPAPORT

De Beers sold the Jagersfontein diamond property in South Africa to the Superkolong Consortium. The buyer met all benchmarks set by De Beers to include technical competence, available funding to develop the new processing operation, black economic empowerment (BEE) equity participation, employment creation, and community based initiatives. De Beers did not disclose financial details of the transaction.

The Jagersfonstein community will also be a sole beneficiary of a community trust that will hold 10 percent equity ownership in the consortium. Furthermore, the trust will receive nearly $3 million in cash for investment and, after due process, expenditure on community benefiting projects and $4.3 million, which will accrue interest and contribute to the its future financial position.

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