Last checked at 19 Sep 2017 08:16
This announcement contains inside information
19 September 2017 | LSE: PDL |
Petra Diamonds Limited
("Petra" or the "Company" or the "Group")
Labour Disruptions in South Africa
Further to the release of the Company's preliminary results yesterday in which it noted that labour relations volatility could be experienced prior to the finalisation of its new wage agreement for its operations in South Africa, Petra confirms that since last night it is experiencing labour disruption at its Finsch mine and there is also disruption underway at its Kimberley Ekapa Mining JV operations.
The Company is currently assessing the impact on both operations. Although underground and surface mining have been affected, plant treatment is continuing at near normal capacity at both operations treating surface material and available stockpiles.
Normal operations are continuing at Cullinan and Koffiefontein.
The Company is in ongoing discussions with the National Union of Mineworkers in order to resolve the situation and is closely managing the situation to ensure the least possible impact on Group production. Petra will update the market as the situation unfolds.
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For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Cathy Malins cathy.malins@petradiamonds.com
Buchanan Telephone: +44 20 7466 5000
(PR Adviser)
Bobby Morse bobbym@buchanan.uk.com
Anna Michniewicz annam@buchanan.uk.com
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has interests in five producing operations: three underground mines in South Africa (Finsch, Cullinan and Koffiefontein), the Kimberley Ekapa Mining joint venture (including the Kimberley Underground mine and extensive tailings retreatment operations) and one open pit mine in Tanzania (Williamson). It also maintains an exploration programme in Botswana and South Africa.
Petra has a core objective to steadily increase annual production to 5.0 - 5.3 million from FY 2019 onwards. The Group has a significant resource base in excess of 300 million carats.
Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. For more information, visit www.petradiamonds.com.