De Beers might withdraw from Arkhangelsk diamond deal
World diamond producer number one De Beers might choose not to buy a 49 percent stake in the Verkhotina diamond project in Arkhangelsk Oblast
In a recently struck deal, De Beers is to pay 225 million USD for a 49,9 percent stake in the Arkhangelskgeoldobycha company, the licence holder to the Verkhotina diamond field. The deal was agreed upon after a several year-long corporate dispute with Lukoil, the owner of Arkhangelskgeoldobycha.
De Beers argues that the international financial crisis, as well as red tape in relations with federal authorities, is what now again threatens to hamper the project.
The disputes around the Verkhotina field has been going on for more than 15 years.
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Lukoil, De Beers agree about Arkhangelsk diamonds 21 April 2008
