Last Updated :
02 December 2009 at 03:55 IST
De Beers to get $1billion boost
SURAT (Commodity Online): Diamond units in Surat have reason to celebrate as global diamond producing giant De Beers has decided to pump in $1 billion into the company.
This will also help Surat’s diamond units as most of them depend on De Beers to get their rough diamonds.
The three shareholders of the South African diamond mining giant have agreed to inject up to one billion dollars into the company through a share placing.
The shareholders made the in principle agreement after a disastrous year for the diamond industry which suffered a slump in prices and sales thanks to the global financial crisis.
De Beers is the biggest diamond company in the world. The company is 45 per cent owned by global mining giant Anglo American, 40 per cent by the Oppenheimer family and 15 per cent by the government of Botswana.
The company needs to refinance $1.5 billion in debt due in March 2010.
The shareholders will make no decision on injecting the money until the banks have laid out their terms.
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