African Diamonds ups stake in Botswana mine

AFRICAN Diamonds – the Irish-headquartered precious stone mining company – is set to generate annual revenues of around $80 million (€60m) from upping its stake in the high potential AK6 diamond mine in Botswana.

The Dublin-based company, which is chaired by businessman John Teeling and has its shares listed on London’s Alternative Investment Market (AIM), announced yesterday it has exercised its option to increase its stake in the AK6 mine from 27% to 40%.

African Diamonds co-owns the mine with Canadian diamond company, Lucara, a development which followed on from industry giant De Beers recently selling out of the asset entirely.