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Pin to quick picksPetra Diamonds Share News (PDL)

Share Price Information for Petra Diamonds (PDL)

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Share Price: 42.00
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Change: -0.45 (-1.06%)
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Open: 42.00
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Petra Diamonds confirms low risk of further breaches in Tanzania mine

Wed, 30th Nov 2022 09:20

(Alliance News) - Petra Diamonds Ltd on Wednesday said there is a low risk of further breaches at the tailings storage facility wall breach at the Williamson mine in Tanzania.

Earlier this month, the London-based diamond miner focused on South Africa and Tanzania said the eastern wall of the storage facility was breached due to flooding.

Petra said Williamson Diamonds Ltd, the owner and operator of the Williamson mine, has now constructed an initial six metre high wall to close the breached area.

Williamson Diamonds constructed containment walls upstream and downstream of the New Alamasi water dam, while buttressing of the New Alamasi water dam wall is underway.

Diversion trenches are also being constructed to prevent any build-up of water and to enable rainwater to flow into the surrounding rivers and streams, Petra said.

It added that a preliminary assessment found the failure was subsidence of a portion of the East wall of the facility by around 1.5 metres. This enabled the water to crest the wall and initiate the breach.

The root cause of the subsidence has not been determined and will require a forensic geotechnical investigation to be completed. The design of a new storage facility is currently under review and is expected to be finalised in February.

It is now expected that this new facility will take longer than initially anticipated to become operable, but interim deposition options are being developed that may enable the Williamson mine to resume production in the middle of 2023, Petra said.

No fatalities or serious injuries occurred from the incident, Petra confirmed, and a temporary rehousing scheme is being planned for the affected families.

Petra currently has a 75% shareholding in Williamson Diamonds, with the government of Tanzania owning the remaining 25%.

Shares in Petra Diamonds were down 4.2% to 91.00 pence on Wednesday morning in London.

By Jaskeet Briah; jaskeetbriah@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
10 Nov 2022 14:48

Production at Petra Diamonds Williamson mine suspended for up to 3 months

(Sharecast News) - Petra Diamonds said on Thursday that production from the Williamson mine in Tanzania is expected to be suspended for up to three months following a wall breach and flooding at the tailings storage facility (TSF).

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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7 Nov 2022 11:27

Petra Diamonds halts production at Tanzania mine after wall breach

(Alliance News) - Petra Diamonds Ltd on Monday reported that the eastern wall at it tailings storage facility at the Williamson mine in Tanzania was breached.

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25 Oct 2022 11:34

IN BRIEF: Petra Diamonds quarterly revenue down as diamond sales fall

Petra Diamonds Ltd - London-based diamond miner focused on South Africa and Tanzania - Produces and sells fewer diamonds in first quarter as net debt widens and revenue falls. In the first quarter that ended September 30, revenue falls 10% to USD102.9 million from USD114.9 million a year prior. Diamond sales decline by 10% to 520,011 carats from 578,186 a year ago, while diamond production falls 13% to 763,220 carats from 876,411. The firm notes that lost time injury frequency rate in the quarter improved by 48% to 0.16 compared to 0.31 a year ago.

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IN BRIEF: Petra Diamonds shares rise with higher revenue; tender offer

Petra Diamonds Ltd - London-based diamond mining company focused on South Africa and Tanzania - Post a pretax profit of USD125.9 million for the year to June 30, down 43% versus USD219.6 million the year before. Prior period benefits from a USD14.7 million profit from a disposal. Further, finance income fell 77% to USD19.0 million from USD81.6 million. Revenue rises 44% to USD585.2 million from USD406.9 million. Credits this to a 42% increase in year-on-year like-for-like prices. Declares no dividends for this year, unchanged from a year before. Launches a USD150 million tender offer to reduce gross debt. Says it will save the company up to USD15 million yearly in interest expenses.

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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