Pangolin Acquires Former De Beers Mine

RAPAPORT... Pangolin Diamonds has signed an agreement to acquire a minein Botswana, the company said last week.Pangolin has bought a 51% stake in the AK10 diamond asset,located in the Orapa kimberlite field in the Central District. Under the terms of the contract, Pangolin has the option to increase its holding to a maximum of 75%. De Beers discovered the pipe in 1968. It is one of several kimberlites in the area that the mining giant no longer owns, with others including the Karowe mine, which Lucara Diamond Corp. now operates."The AK10 kimberlite has been [undervalued], and the opportunityexists potentially to uncover and develop another AK6 Karowe mine," said Pangolin CEO Leon Daniels,referring to to the high-value mine located 4 kilometers away.Gareth Penny (pictured),  who was involved in the deal, announced his resignationas chairman of Pangolin at the end of last month. The former De Beers CEO willremain with the company as a special adviser to the board. A replacement hasnot yet been named. Pangolin is currently working on 10 diamond developmentprojects in Botswana.