REG-Petra Diamonds Ltd: Director Change

Petra DiamondsAnnouncement

17/02/2025 07:15

17 February 2025  LSE: PDL  

 

Petra Diamonds Limited

("Petra" or "the Company")

 

Director Change

 

Petra announces that Richard Duffy has resigned as Chief Executive Officer
(CEO) and Director of the Company by mutual agreement and with immediate
effect. 

 

Vivek Gadodia and Juan Kemp have been appointed as joint interim Chief
Executive Officers.  Vivek will have responsibility for all Group corporate
matters and Juan will have responsibility for all Group operational matters. 
Both Juan and Vivek will report into the Board and lead Petra's Executive
Committee.  At this point, they will not be appointed as Directors.

 

Vivek joined Petra in 2021 and his roles on the Executive Committee have
included Planning and Corporate Development Executive and more latterly Chief
Restructuring Officer. Before joining Petra, Vivek spent nearly 15 years with
Sasol in a wide range of engineering, project management and corporate
positions. Juan joined Petra in 2009 when the Cullinan Mine was purchased from
De Beers.  Juan became General Manager at Cullinan Mine in 2011, Chief
Technical Officer in 2019 and Operations Executive, Cullinan Mine in 2024. 
Juan has over 30 years' experience, with a deep knowledge of the Cullinan Mine
and before his time at De Beers, he worked at Anglo Gold in the East Rand Gold
and Uranium Division.

 

José Manuel Vargas, Petra's Chair, said:

 

"On behalf of the Board, I would like to thank Richard for his hard work and
dedication as CEO since he joined Petra in 2019.  We wish Richard all the
best for the future.

 

We congratulate Juan and Vivek on their interim appointments. The Board looks
forward to working with them on the delivery of Petra's near-term objectives,
in particular the refinancing of its debt."

 

Richard Duffy, said:

 

"It's been an honour and a privilege to serve Petra for the past almost six
years. I would like to thank the Petra team and my fellow Directors and wish
Petra every success going forward."

 

This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 and is being released on behalf of
Petra by the Company Secretary.

 

 

For further information, please contact:

 

Investor Relations, London  Telephone: +44 20 7494 8203    

Patrick Pittaway    investorrelations@petradiamonds.com

Kelsey Traynor

   

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a supplier
of gem quality rough diamonds to the international market. The Company's
portfolio incorporates interests in two underground mines in South
Africa (Cullinan and Finsch Mines) and one open pit mine
in Tanzania (Williamson). In January 2025, Petra announced that it has
entered into an agreement to sell its entire shareholding in the entity that
holds Petra's interest in 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 only operates 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 on the Main Market of the London Stock Exchange under the
ticker 'PDL'. The Company's loan notes, due in 2026, are listed on EuroNext
Dublin (Irish Stock Exchange). For more information,
visit www.petradiamonds.com.

 



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