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South Africa:De Beers India and Hindustan Diamond
Company sign strategic MOU |
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2004-12-9
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De Beers India and Hindustan Diamond Company (“HDC”) today entered into a Memorandum of Understanding whereby HDC will subscribe for a 26% interest in De Beers India by investing US$3.75m in De Beers India. HDC is an equal joint-venture between the Government of India and De Beers, established in 1978.
The official signing of the Memorandum of Understanding took place at De Beers Corporate Headquarters in the south of Johannesburg. The Indian delegation included Mr. V. Madhavan Nair (IAS), Chairman & Managing Director of HDC, who was accompanied by Mr. Rajiv Bhandari, Chairman and Managing Director of De Beers India. Also present at the signing ceremony was the Chairman of the De Beers Group, Mr. Nicky Oppenheimer and the Group Exploration Director, Mr. Bill McKechnie.
According to Nicky Oppenheimer: “The agreement between De Beers India
and HDC brings together the elements from two leading diamond industry nations in a way that fosters the values diamonds represent in both the exploration and diamond cutting worlds. The agreement also cements De Beers’ commitment to the Indian diamond industry.”
Mr. Nair commented as follows: “The Memorandum of Understanding is a further strengthening of the relationship between De Beers and the Government of India that has already existed for the past two decades, into a partnership in diamond mining in India. The agreement also illustrates the interest shown by Government of India in diamond exploration and mining.”
Bill McKechnie reiterated De Beers commitment to the discovery of new world class diamond mines in India. De Beers India was first granted reconnaissance permits in India at the end of 2000 and active exploration commenced in early 2001. To date this exploration work has led to the discovery of more than 20 new kimberlite deposits in four States which are currently undergoing appraisal for diamond content.
De Beers India’s exploration investment in India to date has been approximately Rs. 45 crore (US$ 10m) with planned expenditure in 2005 budgeted at Rs. 35 crore (US$ 7.7m). |
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