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Petra Diamonds Ltd - diamond mining group focused on southern Africa - Signs non-binding term sheet with an unnamed party for the sale of its Koffiefontein diamond mine in South Africa. The company has been considering an exit from the site since April 2022, and continues to move towards the mine's closure. A closure application is expected to be submitted to the South African Department of Mineral Resources & Energy in February 2024, which will only be withdrawn upon this potential sale's completion. The sale would also be subject to the consent of the DMRE. Petra says it is committed to ensuring the future owner "has the technical and financial capability to conduct operations in a responsible manner for all stakeholders".
Chief Executive Officer Richard Duffy said: "We will continue to work closely with the DMRE, community representatives and other key stakeholders to find the best way forward at Koffiefontein and remain dedicated to our environmental and social responsibilities, whether through the decommissioning and closure process, or through a potential sale."
Current stock price: up 1.0% at 50.48 pence each in London
12-month change: down 49%
By Hugh Cameron, Alliance News reporter
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