De Beers Sells 50% stake in Gope Exploration

Gem Diamonds Limited has purchased Gope Exploration Company from De Beers and Falconbridge (Explorations) Botswana. De Beers and Falconbridge each held a 50 percent stake in Gope.

De Beers said in a release that Gope has not been active in prospecting or exploration in Botswana since 2003.

The diamond miner further added that the Gope deposit did not meet De Beers’ “scale criteria necessary for development, and is another step in De Beers’ drive to focus on those assets that best position the company for future growth.”

De Beers recently announced the planned sale of Cullinan mine and parts of the Kimberley operations in South Africa, as well as the sale of the De Beers’ 42.2 percent interest in the Fort a la Corne prospecting joint venture in Canada.

The company added that mines that are right for De Beers are those that provide the right volumes; offer superior returns on investment; represent an appropriate spread of geographical risk and are at the right stage of the life of mine cycle.