Exploration company African Diamonds has bought a 35% stake in Bugeco, a private Belgian company which is involved in a joint venture with De Beers on 21 licences in the Democratic Republic of Congo.
African Diamonds, headed by John Teeling, will pay $1.6m in cash for the stake.
'This is a rare opportunity to take a stake in a highly prospective diamond play where new diamond-bearing kimberlites have already been found and more discoveries are expected,' said Mr Teeling.
