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Includes Diamond Trading Company South Africa

De Beers Consolidated Mines (DBCM) has announced today that it is continuing with the empowerment process the shareholders began in 2006, when Ponahalo Holdings acquired, in a broadly based empowerment (BEE) transaction, 26 per cent of DBCM. 

The Company has reached an agreement with Ponahalo Holdings whereby DBCM’s offer for the Diamond Trading Company South Africa (DTC SA) has been accepted by The De Beers Group of Companies and that Ponahalo Holdings would therefore acquire 26 per cent of the DTC SA. 

The chairman of DBCM, Barend Petersen, commented: “We are pleased to continue to align our South African operations to the transformation objectives of the country. The post-recession recovery of De Beers and the increasingly strong performance of DBCM over the past few years have enabled us to now deliver on our determination to empower DTC SA.”

The DTC SA business will be transferred as a going concern under s197 of the Labour Relations Act. There will be no changes to employees’ terms and conditions.

This transaction broadens the BEE participation in De Beers Consolidated Mines. The transaction will improve the Company’s cash flows and strengthen its balance sheet. This will be positive for DBCM and for all shareholders of Ponahalo Holdings.

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Media contact:

Tom Tweedy, Head Communications +27(83)3080083

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About De Beers Group of Companies

De Beers is a member of the Anglo American plc group. Established in 1888, De Beers is the world’s leading diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers employs more than 23,000 people (directly and as contractors) across the diamond pipeline, and is the world’s largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company’s operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about De Beers visit www.debeersgroup.com.