Petra Diamonds Regulatory News (PDL)

Petra Diamonds Ltd - South Africa 21 Day Lockdown to combat Coronavirus

PR Newswire

London, March 24

Petra Diamonds Limited

(“Petra”, “the Company” or “the Group”)

South Africa 21 Day Lockdown to combat Coronavirus

On 23 March 2020, a Directive was issued by the South African Government requiring a 21 day national lockdown, effective midnight Thursday 26 March 2020 to midnight Thursday 16 April 2020, in order to contain the spread of the coronavirus in the country (the “Lockdown Directive”). The Lockdown Directive requires all non-essential businesses and activities to be suspended, and that people should remain at home. The full statement by President Ramaphosa can be accessed here: http://www.thepresidency.gov.za./speeches/statement-president-cyril-ramaphosa-escalation-measures-combat-covid-19-epidemic%2C-union. 

Petra is currently carrying out a detailed review of the Lockdown Directive in order to comply with the measures required, which will involve placing its mining operations in South Africa on care and maintenance for the duration of the lockdown. The Company will issue a further statement in due course once its review and planning has been completed.

Petra supports the Government of South Africa’s decisive measures to combat this unprecedented threat. The health, safety and wellbeing of all Petra people remains our top priority and the Company is committed to protecting the ongoing viability of its operations and the livelihoods of its employees, contractors and stakeholder beneficiaries.

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About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing mine in Tanzania (Williamson). Petra also conducts a limited exploration programme in Botswana and South Africa.

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 250 million carats, which supports the potential for long-life operations.

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.

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. The Company’s US$650 million loan notes due in 2022 are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.