Petra Diamonds Ltd- diamond mining group with operations in South Africa and Tanzania - On Thursday, says it entered a "milestone" long-term power purchase agreement for renewable energy procurement. Petra will procure wheeled renewable energy for its Cullinan and Finsch diamond mines from Etana Energy, a licenced South Africa energy trader. The agreements will supply each operation with between 36% and 72% of the expected load requirement from financial year 2026 onwards through utilising the existing electrical grid.
"This represents a milestone for Petra's sustainability ambitions, enabling Petra to fulfil its target of reducing scope 1 and 2 greenhouse gas emissions by 35-40% by 2030 (against its 2019 base line) well ahead of time," Petra Diamonds says. Chief Executive Officer Richard Duffy comments: "We consider this to be an important facet, alongside the traceability and provenance of our diamonds, in differentiating Petra's product offering. Furthermore, as part of our ongoing efforts to reduce our cost base, the tariff secured is expected to lead to sustained reduction in our energy supply costs which will further reduce fixed costs at our South African operations."
Current stock price: 43.00 pence per share, closed 4.4% lower on Thursday in London
12-month change: down 34%
By Tom Budszus, Alliance News slot editor
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Petra Diamonds (PDL)