(Alliance News) - Petra Diamonds Ltd on Monday said it is in the process of halting its mining operations in South Africa amid loadshedding.
The miner explained that troubled state-owned utility firm Eskom has declared a power system emergency and an unprecedented move to stage 6 load shedding from 1800 SAT on Monday, further to a technical fault at the Medupi power station, which has led to a shortage of capacity.
Petra said production, hoisting and processing have stopped with immediate effect and it is now removing all people from underground, except those required for essential services, with only pumping to prevent flooding and ventilation for safety being allowed.
The stock closed 3.8% lower in London on Monday at 8.40 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Petra Diamonds (PDL)