De Beers Consolidated Mines (DBCM) has announced that it has entered into an agreement to sell Namaqualand Mines, South Africa's largest alluvial diamond mine, to Trans Hex in a transaction valued at over $33.6 million.

During the past several years, DBCM has implemented a deliberate strategy of reshaping its mining portfolio to focus investment on those mines that provide a superior level of return.

The agreement to sell the mine to Trans Hex follows an open and rigorous selection process that evaluated prospective bidders on a number of criteria that DBCM saw as critical to ensuring the long-term sustainability of Namaqualand Mines community.

Commenting on the sale, DBCM Chairman Barend Petersen called the announcement "testimony to DBCM’s commitment to involve other participants with empowerment credentials and a cost base in relation to alluvial diamond mining that is well aligned to the Namaqualand Mines.

"Together with their plans to continue operations at Namaqualand Mines, Trans Hex has agreed to take on the environmental rehabilitation program that is currently underway. We believe this will extend the economic viability of the Namaqualand Mines into the next decade.”