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Petra to Postpone Debt Repayment
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Petra Diamonds plans to delay the next interest payment on its $650 million bond to preserve liquidity for business operations.The miner has spoken to its lenders about drawing on its revolving credit facility, it said Friday....
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Mining
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May 03, 2020
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Rapaport News
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Heavy Debt Looms over Mining Shutdown
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A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
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Mining
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Apr 23, 2020
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Leah Meirovich
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Rough Prices Slide 24% at Petra Tender
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Rough prices slumped at Petra Diamonds’ March tenders in South Africa and Antwerp as the severe slowdown in the market virtually wiped out demand.Goods from Petra’s South Africa mines sold for 24% less than...
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Mining
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Mar 29, 2020
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Rapaport News
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South Africa, Lesotho Mines Set for Shutdown
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Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
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Mining
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Mar 25, 2020
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Rapaport News
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Challenging Market Weighs on Petra
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Shares in Petra Diamonds slipped 16% in early trading Monday after the miner reported a net loss for the first fiscal half, and warned of operational problems that could affect annual production.The company reported...
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Mining
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Feb 17, 2020
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Rapaport News
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Petra’s South African Operations Back on Track
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Operations at Petra Diamonds’ South African mines haveresumed after the local electricity provider lifted restrictions on power usage. “The company’s mining operations in South Africa are…nowoperating at normal load levels,” the miner said Thursday....
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Mining
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Dec 12, 2019
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Rapaport News
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Petra Forced to Halt Production in South Africa
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Petra Diamonds has had to put operations on hold at itsthree South African mines, due to a restriction on power usage enforced by the local electricity provider. Eskom has told the miner to limit its power usage to “essential...
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Mining
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Dec 10, 2019
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Rapaport News
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Weak Prices Dent Petra Revenue
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Petra Diamonds’ revenue fell in the first fiscal quarteramid a drop in the average price and a weaker product mix at three of itsmines. Revenue dropped 23% year on year to $61.6 million for thethree months ending September...
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Mining
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Oct 23, 2019
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Rapaport News
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Petra’s Loss Widens in Weak Market
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Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner reported its loss had broadened due to a devaluation of itsfour deposits. The company reported a net loss of $258.1 million for theperiod ending June 30,...
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Mining
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Sep 16, 2019
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Rapaport News
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Petra to Reduce Production as Prices Slip
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Shares in Petra Diamonds slipped 6% in early trading Monday after the minerreported it would lower its production for fiscal 2020. The company expects to produce about 3.8 million carats inthe financial year ending June...
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Mining
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Jul 22, 2019
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Rapaport News
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Troubles at Finsch Mine Hit Petra Output
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Production at Petra Diamonds fell in the third fiscalquarter due to operational challenges at its Finsch mine in South Africa, it said Monday. Output for the three months ending March 31 dropped 7% to924,228 carats. Production at Finsch plunged...
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Mining
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Apr 15, 2019
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Rapaport News
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Higher-Value Stones Lift Petra Revenue
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Petra Diamonds’ revenue jumped in the first fiscal quarter dueto demand for higher-quality goods. Revenue surged 22% year on year to $80.2 million for thethree months ending September 30, the miner reported Monday....
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Mining
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Oct 24, 2018
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Rapaport News
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Petra Boss Steps Down Amid $203M Loss
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Petra Diamonds CEO Johan Dippenaar will leave the company afterit recorded a huge loss during the fiscal year, it said Monday. The company reported a net loss of $203.1 million for the periodending June...
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Mining
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Sep 17, 2018
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Rapaport News
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Petra Drops After Weak Production Outlook
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Shares in Petra Diamonds slipped on Monday after the miner loweredits production forecast for fiscal 2019. The company expects to produce between 4.6 million and 4.8million carats in the fiscal year ending June 2019,...
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Mining
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Jul 23, 2018
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Rapaport News
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De Beers, Botswana Prep for New Sales Deal
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Botswana once again finds itself at a crossroads. The sparsely populated,landlocked country is in a constant battle to ensure the longevity of itsdiamond industry.Recognizing that diamond mining will not last forever, thegovernment’s beneficiation program has sought to establish...
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Mining
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Jul 09, 2018
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Avi Krawitz
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Petra Sells Kimberley Mine for $22M
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Petra Diamonds will offload its majority stake in theKimberley mine, claiming the deal will ensure a sustainable future for theproject and help the company focus on its core assets. Ekapa Mining has agreed...
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Mining
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Jul 05, 2018
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Rapaport News
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Petra to Raise $178M to Repay Debt
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Petra Diamonds plans to sell stock to shareholders in a bidto raise $178 million and pay off its debt, it said Thursday. The miner will issue 332.8 million new shares for $0.54 (GBP0.40) each, a steep...
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Mining
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May 24, 2018
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Rapaport News
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Petra Diamonds Posts Heavy Loss
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Petra Diamonds slumped to a significant loss in the first fiscalhalf as the South African rand strengthened against the dollar, reducing the value of two mines the company operates in the country. The net loss came...
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Mining
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Feb 19, 2018
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Rapaport News
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Diamond Seizure Dents Petra’s Sales
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Petra Diamonds’ sales fell in the first fiscal half afterthe Tanzanian government confiscated a parcel of rough stones from itsWilliamson mine. Authorities seized 71,654 carats destined for Antwerp inSeptember, claiming that Petra had...
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Mining
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Jan 29, 2018
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Rapaport News
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Explorer Looks to Revive Historic Diamond Area
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Botswana Diamonds has discovered a potential spot fordiamond mining in an area of South Africa that it claims was an importantregion for the sector in the 19th century.A number of diamond mines existed in the Free State Projectarea prior...
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Mining
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Oct 30, 2017
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Rapaport News
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