South African-based diamond giant De Beers has finalised the sale of more than a quarter of its South African assets to black partners, bowing to government pressure to obtain more black ownership. De Beers and Ponahalo Holdings signed the transaction agreements for a sale of an indirect 26% interest in De Beers Consolidated Mines (DBCM) to Ponahalo the company announced in Johannesburg on Wednesday. It added that all the finance needed to "fund the payment of the entire purchase price," estimated at around R3.7 billion rand, had been raised. De Beers chairman Nicky Oppenheimer described the deal as the "most significant change of ownership since its formation in 1888". The newly formed black empowerment company’s chairman is Manne Dipico, a
senior member of the ruling African National Congress (ANC) who owns an 18
percent stake in Ponahalo Capital, the company that owns 50% of Panohalo Holdings. De Beers, which appointed its first ever black managing director only in September last year, has been under growing pressure to announce a black economic empowerment deal in line with government legislation. The recently introduced Mining Charter has made it law for the traditionally white mining houses to be 15% black-owned by 2011.