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African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

African Diamonds PLC (AIM: AFD)  said it has today received  notification sent by letter, dated 8 March 2010, to its Dublin office that on 4 March 2010, De Beers SA reduced its holding in the company resulting in the crossing of a threshold of greater than 1 percent.

Its holding in African Diamonds is now reduced to 4.5 percent from 5.8 percent.

African Diamond’s AK6 project in Orapa, Botswana, is being developed through a joint venture between African Diamonds and Lucara Diamond Corp (TSX-V: LUC), an associate of Lundin Group. African Diamonds currently has a 30% interest in the project and Lucara owns the remaining 70%.

Last month, African Diamonds received the latest valuation of diamonds from its AK6 mine in Botswana, and at US$162 a carat, the valuation exceeded the company’s previous projections. Furthermore the valuation is US$23 per carat higher than prices used in the current AK6 development studies. The new valuation also indicates the possibility of a US$200 per carat value at production.

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