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Archangel Diamond Corporation could terminate Verkhotina deal.

Publication: Russia & CIS Business and Financial Newswire
Publication Date: 09-DEC-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Archangel Diamond Corporation could terminate Verkhotina deal

TORONTO. Dec 9 (Interfax) - Archangel Diamond Corporation (ADC) could terminate the proposed acquisition of a 49.99% equity interest in OJSC Arkhangelsgeoldobychakoe Geologodobychnoe Predpriyatie (Archangel Geological and Mining Enterprise, AGD) from Lukoil (RTS: LKOH), ADC said in a statement.

"Investors will be aware that the severe and adverse economic conditions have had a dramatic impact on exploration and mining projects on a global basis. These conditions are also seriously affecting the diamond industry, including current and planned diamond mining operations," ADC, whose core-owner is De Beers, said.

"In light of these events, ADC has considered its position relating to its proposed acquisition of a 49.99 per cent equity interest in AGD," pursuant to the Share...

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