Petra Diamonds announced Tuesday that the South African Competition Commission has approved the acquisition of the Cullinan Diamond Mine by the Petra Diamonds Cullinan Consortium (PDCC) from De Beers Consolidated Mines.

Completion of the acquisition is now conditional upon the following remaining terms, which Petra expects to be met between May and July 2008:

Ministerial consent to the cession to PDCC of the new order mining right in respect of Cullinan; The department of minerals and energy consenting to the cession, transfer and delegation of the rehabilitation obligations and liabilities in respect of Cullinan from De Beers to PDCC and any other regulatory and approvals that may be required.

Petra Diamonds entered into an agreement with De Beers to acquire the Cullinan mine on November 22, as a member of the PDCC.