Market NewsCommentRockwell set for TSE listing

Rockwell set for TSE listing

Petra Diamonds said it expects the acquisitions of the Kimberley Underground and Cullinan mines in South Africa to be completed between May and July this year. The AIM-listed diamond mining and exploration company is currently evaluating De Beers' mine plan at Cullinan, which it plans to modify in preparation for purchase approvals from the South African authorities. Petra declined to provide details about its plans for the underground investment at Cullinan, which is estimated to cost well in excess of $1 billion, but said: "Commitments to the local community obviously form part of the Social Development Plan." It added details will be announced in due course as the completion of the acquisition nears. The Kimberley Underground is operating on a care and maintenance basis pending final approvals from the South African authorities. In Angola, it said exploration at the Alto Cuilo prospect in joint venture with BHP Billiton was not back up to full speed yet after a tragic helicopter crash at the end of 2007. However, the company said; "This is expected to be resolved soon.”

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