The miner now holds 40% stake in the mine

African Diamonds has implemented increasing its stake in the AK6 diamond deposit in Botswana, from 28 percent to 40 percent, reports say. The deal entailed a payment of $8 million to Lucara Diamond and Wati Ventures. Lucara Diamond holds the remaining equity in the AK6 diamond deposit, reports add.

African Diamonds believes the increase in its stake is a step towards enhancing its role and image as a diamond mining company. It is projecting, that by end-2011, it will see a flow of up to 400,000 carats per year with a value of up to $200 per carat upon achieving full production, reports add.