Lucara has completed the buy-out of De Beers from the AK6 diamond discovery in Botswana following the approval of the Botswana government, which was brokered by African Diamonds, which is headed by John Teeling.
Lucara, a part of Lundin Group, takes over De Beers' 70.3% stake in AK6. African Diamonds currently holds a 29% stake and Lucara intends to take up an option to increase its interest to 40% in early 2010. African Diamonds says construction of the diamond mine is expected to begin in mid-2010, with a start-up date in late 2011.
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