News

Target gets Tiffany investment

17 September 2007 12:41:00

Shares in Target jumped after jewellery retailer Tiffany said it will invest $5m in the Sierra Leone diamond and gold miner.

The investment will take the form of a five-year subordinated debt, it said.

Tiffany will have right of first refusal on Target's output at market price and sell, on behalf of Target, the diamonds it does not wish to keep for its own use.

"We are delighted to receive this vote of confidence both in the quality of our stones and in the way we mine them from what is arguably the world's most prestigious diamond retailer," said Freddy Hager, chairman of Target.

Tiffany said the investment in Target is consistent with its policy of investing in diamond miners "who ethically mine high quality stones."

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