Petra Diamonds Ltd. (LSE:PDL) and Ekapa Mining (Pty) Ltd entered into a binding agreement to acquire Kimberley Mines from De Beers Consolidated Mines Limited for approximately ZAR 100 million on December 1, 2015. The transaction will be funded by Ekapa Mining and Petra according to their percentage interests. Ekapa Minerals will assume liabilities relating to environmental rehabilitation, employee related liabilities and certain accounts payable. Kimberley Mines are expected to be cashflow positive in their first year of operation subsequent to completion of the transaction. De Beers will retain a presence in Kimberley through various other businesses. The transaction is subject to competition commission approval. Deal was approved by the South African competition commission. The transaction is expected to complete early next year. Matthew Coakes and Jonathan Hardy of RBC Capital Markets and Bertie Whitehead and Philip Drake of Barclays acted as joint broker for Petra Diamonds. Bobby Morse and Anna Michniewicz of Buchanan acted PR advisor for Petra Diamonds. QuestCo (Pty) Limited acted as financial advisor to Petra Diamonds Ltd. (LSE:PDL) and Ekapa Mining (Pty) Ltd.

Petra Diamonds Ltd. (LSE:PDL) and Ekapa Mining (Pty) Ltd completed the acquisition of Kimberley Mines from De Beers Consolidated Mines Limited on January 18, 2016.