Petra’s competition commission

Petra Diamonds Limited announces that the South African Competition Commission has approved the acquisition of the Cullinan Diamond Mine by the Petra Diamonds Cullinan Consortium from De Beers Consolidated Mines Limited.

On 22 November 2007 Petra, as a member of the PDCC, entered into an agreement with De Beers to acquire Cullinan. It was a condition of the acquisition that Competition Commission Authority approval be granted.

Completion of the acquisition of Cullinan is now conditional upon the following remaining conditions:

(i) Ministerial consent to the cession to PDCC of the new order mining right in respect of Cullinan;

(ii) the DME consenting to the cession, transfer and delegation of the rehabilitation obligations and liabilities in respect of Cullinan from De Beers to PDCC; and

(iii) regulatory and other approvals as may be required.

It is expected that the remaining conditions will be met between May and July 2008.

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