Petra Diamonds survives after securing deal with lenders
PETRA Diamonds on Friday announced it had agreed with noteholders and lenders to refinance the company – an emergency measure that will also involve a $25m rights issue. Shares…
Petra Diamonds agrees five year wage deal with NUM
PETRA Diamonds announced on Monday a five-year wage agreement with the National Union of Mineworkers (NUM) granting employees annual increases of 5.75% to 6.5% or an increase…
Petra holds its ground on the operating and financial fronts as diamond markets remain flat
Petra Diamonds showed some welcome operating stability in the March quarter while the company confirmed its production guidance for the financial year to end-June at between 2.75…
Petra to restructure Finsch in effort to stem cash flow leakage
PETRA Diamonds has issued a restructuring notice to employees at its Finsch mine in South Africa as part of efforts to stem negative cash flow. The UK-listed miner said on Monday…
Petra says buyer may save SA’s historic Koffiefontein mine
THE historic Koffiefontein diamond mine in South Africa’s Free State province could be granted a new lease on life after owner, the UK-listed Petra Diamonds said it was in…
De Beers keen on SA expansion as Mantashe bemoans “holes” left by miner
DE Beers was exploring for more diamonds in South Africa that would extend its operations beyond the recently expanded Venetia mine in the country’s Limpopo province, said…
Petra Diamonds withholds gem sales in fifth tender amid build in midstream inventories
PETRA Diamonds withheld diamonds in the fifth auction of its financial year saying in an update today that offers didn’t match its price expectations. A total of 468,800 carats…
Petra forecasts one million carats in extra annual diamond output for 2025
PETRA Diamonds recovered some lost ground during the March quarter increasing production and predicting a one million carat increase in diamond output during its 2025 financial…
Petra Diamonds cuts two-year forecast owing to closure and suspension of mines
PETRA Diamonds today downgraded production for the next two financial years partly owing to a widely expected decision to shut its 130-year old Koffiefontein, a mine located in…
Petra sticks to its guns saying diamond boom intact despite global turmoil
PETRA Diamonds CEO Richard Duffy is maintaining his optimistic outlook on diamond market conditions despite the current macro-economic turmoil caused by the war in Ukraine and…