Petra
Diamonds Limited
(Petra
or
the Company)
Section
11 consent granted for the sale of
Koffiefontein
Further to
the announcement made on 8 April
2024, Petra is pleased to announce that unconditional
consent in terms of section 11 of the Mineral and Petroleum
Resources Development Act, No. 28 of 2002 has been granted for the
sale of the entire issued share capital of Blue Diamond Mines (Pty)
Ltd to Koffiefontein Holdings (Pty) Ltd, an affiliate of the
Stargems Group (S11 consent). Petra anticipates closing this
transaction and effecting a smooth handover before the end of
October 2024.
As a
result of this transaction, Petra will avoid incurring
closure-related costs of US$15-18
million (included in the Company's 30 June
2024 balance sheet provisions).
Richard Duffy, Chief Executive Officer of Petra,
commented:
"Since
taking the difficult decision to put the Koffiefontein mine on Care
& Maintenance and planning for closure of the mine, Petra has
remained committed to exploring a responsible exit of the asset.
The grant of the S11 consent by the Department of Mineral and
Petroleum Resources (DMPR) will allow the Koffiefontein mine to
continue with economic activity under new ownership.
We
believe this is the best possible outcome for all stakeholders
involved and I would like to thank the DMPR for its ongoing support
in the approval process."
~
Ends ~
For
further information, please contact:
|
Petra
Diamonds, London
Patrick
Pittaway
Kelsey
Traynor
|
Telephone:
+44 20 7494 8203
investorrelations@petradiamonds.com
|
About
Petra Diamonds Limited
Petra
Diamonds is a leading independent diamond mining group and a
consistent supplier of gem quality rough diamonds to the
international market. The Company has a diversified portfolio
incorporating interests in two underground mines in South Africa (Cullinan and Finsch Mines) and
one open pit mine in Tanzania
(Williamson).
Petra's
strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to
maximise their efficiency and profitability. The Group has a
significant resource base which supports the potential for
long-life operations.
Petra
strives to conduct all operations according to the highest ethical
standards and will only operate in countries which are members of
the Kimberley Process. The Company aims to generate tangible value
for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is
quoted with a premium listing on the Main Market of the London
Stock Exchange under the ticker 'PDL'. The Company's loan notes,
due in 2026, are listed on the Irish Stock Exchange and admitted to
trading on the Global Exchange Market. For more information,
visit
www.petradiamonds.com.