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…
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 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 sales fall as diamond market continues to falter
PETRA Diamonds continued to suffer the effects of declining market prices reporting second tender sales of $40.9m – 49% lower than the first tender sales of its 2024 financial…
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 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 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.…
Keeping the faith: Why the Church of England invests in mining companies
HOLDING £3.5bn in funds under management for the benefit of about 41,000 members, the Church of England Pensions Board is not huge, in global terms. But it has become an…
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 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…