Petra Gets Approval To Buy De Beers

Published on 05/08/11

gained approval from the South African government to buy the country’s second- largest diamond mine from De Beers for $210 million.
“The acquisition process is now in the very final stages and we expect it to complete in the near future,” Petra said in a statement today. Petra, which agreed to buy the Finsch mine in January, rose as much as 4.5 percent in London trading.
The purchase will help Petra more than double last year’s diamond production of 1.1 million carats as it seeks to boost output to benefit from rising prices.