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RAPAPORT... Rockwell Diamonds Inc. formally announced that its new black economic empowerment (BEE) partner is African Renaissance Holdings Limited of South Africa, a company that agreed to acquire 30 percent equity interest in the mining company's Middle Orange operations. Rockwell has been vetting its new BEE partner since December and confirmed to that African Renaissance fulfilled most of the conditions precedent and has supported Rockwell in relevant matters. African Renaissance Holdings was established early in 1994 to champion active participation and ownership by black South Africans in strategic economic sectors. The company's chairman is Bobby Makwetla, who pursues investment opportunities in both listed and unlisted entities in sectors such as telecommunications, mining, diamonds and related services. "Following an exhaustive process to identify a new partner who shared our approach and vision and wanted to work with us to deliver on our objectives, we identified African Renaissance, who has an established track record in value creating BEE transactions. We are excited about this new partnership and confident that together this transaction will add significant value to our business going forward," said James Campbell, the CEO of Rockwell.
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