2002

De Beers Sells Property To Black Mining Company

April 2002

In an attempt at compliance with South Africa’s push to reduce white dominance in the mining industry, De Beers has sold its dormant Kamfersdam deposit to the black-owned New Diamond Corp.

The move represents a step toward meeting the demands of the yet-to-be-passed minerals bill, which the South African Parliament is expected to pass into law later this year.

New Diamond Corp will need about $17 million to develop the Kamfersdam deposit, after which it will sell rough to De Beers, which will then sell them to local cutters.