Petra to sell Finsch after failing to save diamond mine
PETRA Diamonds is to close Finsch mine in South Africa’s Northern Cape after business rescue practitioners found there was no way to save the business. As part of a five-point…
Petra Diamonds secures R300m loan amid Finsch rescue
PETRA Diamonds said it had secured R300m from a senior lender for working capital while it finalised business rescue for its currently suspended Finsch mine. Commenting in the…
Why De Beers opted to shut Venetia diamond mine
DE Beers is preparing to shutter South Africa’s largest diamond mine for two years, threatening thousands of jobs and removing roughly two-fifths of the country’s diamond…
Amid the gloom, De Beers sees glimmer of hope
SHOPPING for platinum jewellery, especially of the bridal variety, has become more expensive in the past year thanks to the 35% improvement in the metal’s price. But for a good…
Petra Diamonds puts Finsch mine into business rescue
THE continuing grim conditions in the global diamond business have claimed another South African victim in the form of Petra Diamond’s Finsch mine in the Northern Cape which is…
A crisis forever? How diamond miners are digging in
THE impending liquidation of Ekapa Mining following a deadly mudslide last month brings the curtain down on roughly 150 years of diamond mining in Kimberley, where the junior…
Petra Diamonds warns rand strength a “major headwind”
PETRA Diamonds continues to leak cash as “subdued” market prices were made worse by a strengthening of the rand against the dollar – identified by the miner as a fresh headwind.…
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…
Diamond prices may recover in nick of time for stricken Petra
PRICES for high-value diamonds have increased 10% this year, a promising development for miners of the precious stones who have been under the cosh since at least 2022 amid poor…
Lucapa Diamonds forced into administration as cash dwindles
LUCAPA Diamond’s current management has succumbed to years of poor diamond prices announcing on Friday administrators had been appointed to save the company. KordaMentha…
Petra Diamonds hits all-time low as cash burn continues
PETRA Diamonds is to begin discussions with financiers on refinancing a $273m bond that matures in March next year amid scepticism that the company will survive the event. The…
US tariffs force diamond sales delays in further financial blow to Petra Diamonds
Petra Diamonds has postponed the sale of about 200,000 carats of diamonds produced from its Cullinan mine near Pretoria because of the “considerable diamond market uncertainty…
Petra won’t make “silly decisions” in new cost cutting round
PETRA Diamonds would not make “silly decisions” regarding a new cost cutting programme warning of the “fatigue” on labour where jobs were shed in a previous restructuring…
Petra defers refinancing as diamond prices slide yet again
PETRA Diamonds has embarked on a fresh round of restructuring at its South African mines and has deferred a refinancing plan to this year. This follows the results from its third…
Petra postpones first diamond tender of 2025 financial year
PETRA Diamonds has postponed the first diamond sales of its 2025 financial year saying its decision was part of an industry-wide effort to impose supply discipline. “Our…
Petra’s plan to avoid mistakes of last diamond market collapse
IN early 2022 Petra Diamonds CEO Richard Duffy declared the time had come for diamonds. After years of waiting, a “long-predicted” supply squeeze in all gem categories had…
Petra surprises on net debt but misses on 2024 production
PRODUCTION from Williamson mine in Tanzania and receipt of revenue from a delayed sale enabled Petra Diamonds to cut net debt as of its year-end. This was despite…
Petra says independent De Beers will be good for diamonds
THE proposed sale of Anglo American’s 85% stake in De Beers would lead to greater market visibility and focus, said Richard Duffy, CEO of Petra Diamonds. “I’m not saying De Beers…
Petra Diamonds lays out new $100m/y expansion plans
PETRA Diamonds on Thursday detailed expansion plans for its Finsch and Cullinan mines in South Africa in which production is projected to between 3.4 to 3.7 million carats by…
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…