Petra Diamonds has acquired the Finsch diamond mine from De Beers in South Africa for $201mi, the FT reports.
The diamond miner, who already have mines in South Africa and Tanzania, are expected to rake in revenues of up to $730 million by 2019, given the boost in production from the newly acquired mine.
After the deal was closed, Petra Diamonds shares rose from 18p to 180p on Friday. De Beers still have three remaining mines in South Africa and it is thought they will expand the principal Venetia mine.