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African Diamonds Raises Stake in AK6 to 40%

Company pays Lucara and Wati $8 million for a larger share in the venture.
Apr 23, 2010 2:40 PM   By Jeff Miller
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RAPAPORT... African Diamonds exercised its option to increase its stake at the AK6 diamond deposit in Botswana from 28 percent to 40 percent for a total cash consideration of $8 million paid to Lucara Diamond and Wati Ventures. The remainder of equity in AK6 is held by Lucara.

John Teeling, the chairman of African Diamonds, said, "This is another significant step on the road to becoming a significant diamond miner. By the end of 2011 African Diamonds should begin to see a flow of up to 400,000 carats per year with a value of up to $200 per carat once full production is reached."

Tags: African Diamonds, Jeff Miller, Lucara Diamond, Production
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