De Beers sells diamond mine for $210m

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Petra Diamonds has agreed to buy South Africa's second-largest diamond mine, the Finsch diamond mine, from De Beers for 1.4bn rand ($210m; £123m).

Finsch is South Africa's second largest diamond mine by production.

Its acquisition is expected to more than double Petra's annual production of diamonds.

The company is seeking to boost production as diamond miners struggle to meet rising demand at a time of falling production.

Petra previously bought the Cullinan mine from De Beers in 2008.

The firm is the largest diamond producer on London's junior AIM market.