Barrick

Rex Diamond Mining (RXD-T) and De Beers Consolidated Mines (DBRSY-Q) have signed a preliminary agreement to explore the Akchar permit in Mauritania, northwestern Africa.

For more than three years, Rex has been exploring for diamonds on the permit, chiefly in the Archean Reguibat craton. The proposed joint venture would allow De Beers to earn a 60% interest in the project by spending US$24 million, or by producing a bankable feasibility study within five years. Both companies have agreed to exchange geological information, and, should a diamond mine be established, De Beers will have the right to market its production.