Canadian-listed company Lucara has completed the buy-out of De Beers from the AK6 diamond discovery in Botswana. This follows the approval of the Botswana government of the deal, which was brokered by African Diamonds, which is headed by Irish businessman John Teeling.
Lucara, part of the Lundin Group, takes over De Beers' 70.3% stake in AK6. African Diamonds currently holds a 29% stake in AK6 and the Irish company says it intends to take up an option to increase its interest to 40% in early 2010.
African Diamonds says construction of the diamond mine is expected to begin in mid-2010, with a start-up date in late 2011.
