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…
Petra Diamonds concludes exit from Williamson mine
PETRA Diamonds has exited Tanzania’s Willliamson (WDL) mine saying on Wednesday an agreement to sell its remaining 31.5% stake had been concluded. “We would like to thank 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 to finally sever link with problematic Williamson mine
PETRA Diamonds said on Wednesday it was to sell its remaining shares in Williamson mine in Tanzania for $16m although the deal comes with risk. Announcing the proposed…
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 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 Diamonds keeps faith in diamond market deficit as production ramps up
The question hanging over Petra Diamonds’ plans to ramp up output by 1.3 million carats over the next three years is whether this production is going to coincide with a…
Petra Diamonds misses production target but promises better days
PETRA Diamonds missed revised production guidance for the 12 months ended June but said the way was clear for a significant increase in output over the next three years.…
Petra Diamonds finalises deal to reduce stake in Tanzania’s Williamson mine
PETRA Diamonds said on Wednesday it had concluded an agreement in which it would reduce its stake in the Williamson mine in Tanzania to 31.5% for $15m. The sale agreement is with…
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 says portion of $14.8m diamond parcel embargoed by Tanzania has been sold
A PORTION of diamonds embargoed by the Tanzanian government following a dispute in 2017 with Petra Diamonds over their export value had been sold, the UK-listed miner said today.…
Williamson to foot repair of broken tailings wall as Petra sees net debt double
PETRA Diamonds CEO Richard Duffy said the company was confident proceeds from the sale of a previously embargoed diamond parcel would contribute towards the cost of rebuilding a…
Petra facing squeeze on cash flow as Williamson cost adds to dampened consumer demand
PETRA Diamonds was facing a significant reduction in free cash flow in 2023 owing to an increase in capital expenditure and the cost of suspending production at Williamson mine…
Illegal mining a global hazard as Barrick’s blistering attack on RAID demonstrates
MARK Bristow’s account of mine incursions by criminal gangs, some 100-people strong, has its echo in rampant criminal activities in South Africa. Illegal miners armed with…
Petra suspends Williamson to mid-2023 as tailings fix to take longer than expected
PETRA Diamonds said its Williamson mine in Tanzania would not return to production before the middle of 2023 following the partial collapse of a tailings dam earlier this month.…
Petra Diamonds shuts Tanzanian mine for three months following tailings dam breach
PETRA Diamonds said its Williamson mine in Tanzania would be shut for up to three months while it constructed a new tailings storage facility (TSF). This was following a breach…
Petra Diamonds reports tailings dam burst at Williamson mine in Tanzania
PETRA Diamonds has suspended production from the Williamson mine in Tanzania after a tailings facility wall burst, the company said. The eastern wall of the Tailings Storage…
Petra Diamonds unveils intention to pay dividends, capping three year turnaround
PETRA Diamonds capped a dramatic three year turnaround in fortunes announcing today its intention to pay dividends, most likely in the current financial year given the firm’s…
Petra, a diamond miner hit twice by the illegal mining scourge
LONDON-listed Petra Diamonds provides a good example of what can happen to a mining company when it gets hit by widespread illegal mining on its properties and has to deal with…