De Beers sells its stake in a Botswana mining companyMining giant De Beers in Botswana has sold its 70 percent stake in African Diamonds due to plummeting demand for the gems, an official said Thursday. The shares were sold for 49 million dollars (33 million euros) to Lucara Diamond Corporation, a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. firm. African Diamonds is listed on the London and Botswana stock exchange The Botswana Stock Exchange is a small but thriving stock exchange located in Gaborone, Botswana. The Botswana share market was established in 1989 and became the Botswana Stock Exchange in 1995. It is governed by the Botswana Stock Exchange Act. while Lucara is a Toronto-listed company. De Beers said selling its stake became an option when the global economic crisis constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. the project to a smaller mining plan. "Smaller mines do not fit into De Beers? global production portfolio, which is focused on large-scale projects that deliver superior rates of return and the right production volumes," said a statement. The companies discovered diamond deposits in the Boteti district, central Botswana, and had been working on the AK6 deposit for the past six years but due to De Beer's different objectives they decided to part ways. "There are only positives resulting from this development. We believe that AK6 is a world class diamond deposit," chairman of African Diamonds John Teeling said in a statement. "It needs to be developed as quickly and efficiently as possible to benefit all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. ," he added. The Chairman of De Beers Botswana, Stephen Lussier, said this is a win-win solution for diamond mining in Botswana. "Smaller operators will have the opportunity to bring AK6 into production, helping to reinforce Botswana?s position as the world?s leading diamond producing country," he said Mine development is expected in mid 2010, with production in late 2011. 
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