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

By VCPOST Staff Reporter

Feb 18, 2014 09:55 AM EST

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.

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