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Dwyka moves to buy in SA

DWYKA Diamonds has moved to buy four diamond mines in South Africa’s Northern Cape. In an agreement worth four million South African rand and 2.75 million Dwyka shares worth 11 million rand, the company will acquire the Blaauwbosch, Newlands, New Elands, and West End mines. The agreement completes the acquisition process for Dwyka, which has had an option to acquire the privately owned mines since August last year. According to a Dwyka statement the transaction has also made provisions for the payment of an additional one million rand and 24 million rand worth of Dwyka shares, if certain hurdle rates are met. Dwyka is based in West Perth and is listed on the Australian Stock Exchange and on the Alternative Investment Market of the London Stock Exchange.

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