122.52 ct blue diamond
JOHANNESBURG (miningweekly.com) – Diamond miner Petra Diamonds on Tuesday announced that the 122.52 ct blue diamond recovered from its Cullinan mine, in Gauteng, in June this year, had been sold for a value equivalent to $27.6-million to a beneficiation partnership.
The beneficiation partnership comprised Petra, which had a 15% share and a polishing partner, which wished to remain undisclosed.
The polishing partner would settle its 85% of the agreed rough sales value, being $23.5-million, immediately, after which the stone would be cut and polished and, upon sale of the polished diamond, Petra would receive its 15% share of the proceeds, after beneficiation and related expenses.
"We are pleased to have concluded this arrangement, which records an excellent sales value for the rough stone, and also gives Petra exposure to the uplift in value post beneficiation,” Petra CEO Johan Dippenaar commented.