REG-Petra Diamonds Ltd: Strategy/Company/Operations Update

Petra DiamondsAnnouncement

07/10/2024 07:15

 


 

 

 7 October 2024  LSE: PDL  

 

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.

 

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