De Beers Gets Offers For Two South African Mining Assets

29th Jul 2010 16:22

JOHANNESBURG (Dow Jones)--De Beers SA, the world's largest producer of uncut diamonds, said Thursday it has been approached by investors interested in acquiring two assets in South Africa. The approaches come on the back of the recovery in the diamond market, which was hard hit by a fall in demand for luxury items during the global recession. De Beers said it will review the interest show in its Namaqualand and Finsch mines in the Northern Cape province, including offers received from unnamed companies with "good mining track records and strong empowerment credentials." It said interested parties would have to satisfy certain economic, social and environmental criteria. "De Beers has decided to invite separate expressions of interest in each mine through a select tender process," said Barend Petersen, acting chief executive officer of De Beers Consolidated Mines. He said the process is expected to take a number of months, extending at least well into 2011. Production at Finsch will continue as planned, de Beers said. Production at the Namaqualand asset was suspended in April. De Beers has sold several historical mines in South Africa in recent years as it has concentrated on more profitable large mines with a longer life ahead of them. De Beers, which produces and markets some 40% of the world's rough diamonds by value, is 45% owned by Anglo American PLC (AAL.LN), 40% by the Oppenheimer family and 15% by the government of Botswana. -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 29, 2010 11:22 ET (15:22 GMT)