Premier Mine
The open pit, 2011
Location
Premier Mine is located in South Africa
Premier Mine
Premier Mine
Location of mine within South Africa
LocationCullinan
ProvinceGauteng
CountrySouth Africa
Coordinates25°40′21″S 28°30′45″E / 25.67250°S 28.51250°E / -25.67250; 28.51250
Production
ProductsDiamonds
TypeUnderground
History
Opened1902 (1902)
Owner
CompanyPetra Diamonds Cullinan Consortium
Premier Mine, South Africa, before 1903
Headframe and plant, 2006

The Premier Mine is an underground diamond mine owned by Petra Diamonds in the town of Cullinan, 40 kilometres (25 mi) east of Pretoria, Gauteng Province, South Africa. Established in 1902, it was renamed the Cullinan Diamond Mine in November 2003 in celebration of its centenary. The mine is a carrot-shaped volcanic pipe and has a surface area of 32 hectares (79 acres).[1] The mine rose to prominence in 1905, when the Cullinan Diamond – the largest rough diamond of gem quality ever found – was discovered there.

The mine has produced over 750 stones that are greater than 100 carats (20 g) and more than a quarter of all the world's diamonds that are greater than 400 carats (80 g). It is also the only significant source of blue diamonds in the world.[1]

Notable discoveries

The Cullinan Diamond is the largest rough gem-quality diamond ever found, at 3,106.75 carats (621.350 g).[1] It was found by Frederick Wells, surface manager of the Premier Diamond Mining Company in Cullinan, Gauteng, South Africa, on 25 January 1905. The stone was named after Sir Thomas Cullinan, the owner of the diamond mine.

There have been various other notable diamonds that have been recovered from Premier Mine. These include:[2]

In May 2008, a sparkling shield-shaped 101.27-carat (20.254 g) diamond (about the size of a ping pong ball) mined from the Premier Mine sold for more than US$6.2 million at Christie's in Hong Kong. Cut from a 460 carats (92 g) rough, the shield-shaped gem boasts 92 brilliant facets. While internally flawless, the stone has a slight imperfection on the surface that is imperceptible to the human eye, the auction house said. It is the largest colourless diamond to appear on the auction market in the last 18 years, Christie's said. Only three diamonds of more than 100 carats (20 g) have appeared at auction. All were sold in Geneva. Naming rights were granted to the new owner.[3]

In September 2009, a 507-carat (101.4 g) diamond was found, and is ranked as one of the 20 biggest high quality diamonds ever discovered.[4][5] Petra Diamonds sold it for $35.3 million on 26 February 2010, breaking a record as the highest price ever paid for a rough diamond.

On 18 April 2013 a 25.5-carat (5.10 g) blue rough diamond was recovered by Petra Diamonds at its Cullinan mine. According to experts it could be worth more than $10m. The find gave a boost to Petra's share price. The mine has produced hundreds of large stones and is famed for its production of blue diamonds. A similar 26.6-carat (5.32 g) blue rough diamond recovered by Petra in May 2009 was cut into a near perfect stone and fetched just under $10m at Sotheby's.[6] Another deep-blue diamond from Cullinan was auctioned for $10.8m last year and set a world record for the value per carat.[7]

On 21 January 2014, Petra Diamonds announced recovery of a 29.6-carat (5.92 g) blue diamond. According to the current CEO, Johan Dippenaar, it is the "most significant blue diamond" to be recovered by Petra Diamonds. According to Analyst Cailey Barker at broker Numis it "could fetch between $15m and $20m at auction". Decision on what is to be done with the stone will come next week.[8][9]

On 13 June 2014, Petra Diamonds announced that a blue diamond of 122.52 carats (24.504 g) was found at the Cullinan mine. The diamond, though not yet appraised, is expected to fetch more than 35 million dollars, which was the approximate value of the Heritage Diamond, also found in that mine. Petra Diamonds says that the diamond will not be put up for auction before their fiscal year ends this month.[10]

Purchase by Petra Diamonds

On 22 November 2007, De Beers, the world's largest diamond producer, announced that it had entered into an agreement to sell the Cullinan mine for R1 billion (US$125 million) to Petra Diamonds Cullinan Consortium (PDCC), a consortium of:

  • Petra Diamonds – 37% stake, with an option to increase to 60%
  • Al Rajhi Holdings W.L.L. – 37% stake
  • A Black Economic Empowerment foundation – 26% stake, comprising a 12% stake held by an employee share trust and a 14% stake held by Thembinkosi Mining Investments (Pty) Ltd

On 16 July 2008, Petra announced the completion of the acquisition.[11]

References

  1. 1 2 3 "Cullinan – Petra Diamonds". Archived from the original on 9 September 2012. Retrieved 19 September 2013.
  2. ↑ "Recovery of an exceptional 29.6 carat blue diamond". investis.com. Archived from the original on 25 January 2014. Retrieved 23 January 2014.
  3. ↑ "Who paid record price for huge diamond?". The Sydney Morning Herald. 29 May 2008. Retrieved 1 October 2013.
  4. ↑ "'Spectacular' new diamond found". BBC News. 29 September 2009. Archived from the original on 29 September 2009. Retrieved 1 October 2013.
  5. ↑ Khám phá viên kim cương mới tuyệt đẹp (in Vietnamese)
  6. ↑ It was named the "Star of Josephine" by its new owner
  7. ↑ "Mining company in South Africa finds rare blue diamond". BBC News. 18 April 2013. Retrieved 1 October 2013.
  8. ↑ "'Exceptional' 29.6-carat blue diamond found in Petra's Cullinan mine". Business Day Live.
  9. ↑ "Rare Blue Diamond found in South Africa's Cullinan mine". BBC News. 21 January 2014. Archived from the original on 16 November 2017. Retrieved 20 June 2018.
  10. ↑ "Petra finds 'exceptional' 122-carat blue diamond". BBC News. 13 June 2014. Archived from the original on 13 June 2014. Retrieved 13 June 2014.
  11. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2 February 2014. Retrieved 27 January 2014.{{cite web}}: CS1 maint: archived copy as title (link)

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