De Beers and AngloGold Ashanti will cooperate in the search of various metals and minerals including gold but not diamonds unless they are found along with other target minerals, the groups said.

The companies will concentrate on marine deposits located in or near the region between the high water mark and the edge of the continental shelf on an international basis.

Together they will carry out exploration and mining of target minerals from mineral deposits present on the shelf.

As part of the deal, De Beers and AngloGold will form a technical services company, which will be established as a fully-fledged marine exploration and mining services company.

AngloGold will hold its offshore stake in the joint venture through its offshore subsidiary AngloGold Ashanti Marine Exploration and its South African and Southern African Development Community stakes in the joint venture directly or through a South African nominee.

De Beers will hold its stake in the joint venture through its subsidiary De Beers Group Exploration Holdings.