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Article: Calls deal 'innovative, new, and sustainable': De Beers unveils black empowerment plan.(DIAMONDS)
- Article from:
- Jewelers Circular Keystone
- Article date:
- January 1, 2006
- Author:
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Under pressure from the South African government, De Beers has sold 26 percent of its South African division, De Beers Consolidated Mines, to a black empowerment group, Ponahalo Investment Holdings.
Ponahalo, a new company meant to benefit what are called HDSA (historically disadvantaged South Africans), will pay $570 million for the 26 percent share. The new company will be owned 50 percent by De Beers' employees and pensioners in South Africa and 50 percent by a consortium of HDSA-owned companies.
In a teleconference, De Beers chairman Nicholas Oppenheimer called the deal "innovative, new, and sustainable." The assembled crowd particularly applauded ...