Would-be diamond magnate Wellingtonian Phillip Chisholm, a director of Australian listed exploration company Tawana resources, is “seriously excited” about the prospect of a big find in South Africa which could be worth as much as US $1billion. The company should have a better idea of the value of the Daniel Project by November. It still could be a dud, but Tawana has already had three brokers offering funding for the mine project, which could cost about US$100 million. The Daniel project may also have “black empowerment groups” looking over their shoulders. Under South African law, such groups can buy a 15 per cent stake in mining projects, usually funded by big European banks. Mr Chisholm thinks that would be “a very good thing” and they would have to pay fair market value.
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