Weather New York, NY +89°F

Regions

Kimberley picks up new Australian diamond project from Venus Metals for A$1M

Close
(Credit: KDC) This image shows a homepage screenshot from the website of Sydney, Australia-based mining and exploration firm Kimberley Diamonds Ltd.Kimberley Diamonds Ltd
February 18
9:55 AM 2014

Australia-listed mining firm Kimberley Diamonds has purchased the Argyle Smoke Creek diamond project for A$1 million: a combination of cash and shares priced at A$1.20 each. The said asset has been bought from Indian firm Venus Metals Corporation, according to Creamer Media's Mining Weekly.

Located in Western Australia, the project includes 22 prospecting licenses and a mining lease application for an 11-kilometer area within Smoke Creek. The asset is said to contain a diamond resource of 21.5 million tons, the report detailed.

Alex Alexander, executive chairman of Kimberley, said of the deal: "The completion of this acquisition provides a second potential source of rough fancy colored diamonds for Kimberley, alongside our flagship Ellendale diamond mine, which supplies around half of the world's fancy yellow diamonds."

According to Alexander, Kimberley was also working on acquiring the Botswana-based Mantle Diamonds and the Lerala diamond project, Creamer Media's Mining Weekly reported.

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics