Last checked at 10 Dec 2019 17:10
10 December 2019 | LSE: PDL |
Petra Diamonds Limited
("Petra" or the "Company" or the "Group")
Update on Load Shedding in South Africa
Petra Diamonds Limited announces that further to the downgrade of the load shedding status by Eskom from Stage 6 to Stage 4, the Company's mining operations in South Africa recommenced today and are running at a 20% load curtailment, in line with requirements.
Eskom has announced that the Stage 4 rotational load shedding is in place until 11:00pm SAST tonight, but has not yet communicated the situation from tomorrow onwards.
Petra is used to managing the operations optimally to maintain production levels as much as possible throughout load shedding requests. Such measures include the bringing forward of essential maintenance work and restricting load curtailment to processing plants where possible, given the Company's operations have excess processing capacity which allows for additional throughput when full power is restored.
However, the impact of the current load curtailment on the Company will depend on the duration and level of severity of the power restriction.
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For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Cathy Malins
Des Kilalea
Marianna Bowes investorrelations@petradiamonds.com
Buchanan Telephone: +44 20 7466 5000
(PR Adviser)
Bobby Morse
Ariadna Peretz pdl@buchanan.uk.com
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.