[miningmx.com] — Johann Rupert’s Reinet Investments confirmed on Tuesday it would be part of a new waste tailings diamond venture at De Beers’ former Jagersfontein mine in the Free State.
The project cost is estimated at R967m.
Reinet provided loans of R540m up to September 30 to finance
the acquisition of the tailings and plant to process the tailings. Limited
processing operations began in July 2011 and should reach full capacity by
December 2011.
Reinet has also invested in a company which has acquired assets and assumed
liabilities pertaining to mining rights and related activities to source
diamonds on another property in South Africa.
Miningmx reported in May Rupert has teamed up with independent miners Chris Potgieter and Chris Kimber to recover diamonds from surface dumps at Jagersfontein.
Reinet said it was committed to invest a further R262m in the projects.
“Once the final investment holding structures have been determined,
it is anticipated that Reinet will have an equity interest of between 40% and 49% in each of the ventures,” the company said.
