Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

Petra Hit by Strikes at Two Mines

Underground and surface mining affected at Finsch and Kimberley.
Sep 19, 2017 4:15 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Workers are striking at two Petra Diamonds projects in South Africa, adding to the company’s woes amid uncertainty over the future of another mine in Tanzania.

Industrial action has been disrupting operations at the Finsch and Kimberley mines since Monday night, Petra said in a statement Tuesday. The miner had warned investors Monday that it could suffer “labor-relations volatility” as it finalized a new wage agreement for its operations in the country.

“The company is currently assessing the impact on both operations,” Petra said. “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.”

Petra is in discussions with the National Union of Mineworkers to find a resolution, and is managing the situation closely to ensure minimal impact on its overall production, the company said. Normal operations continue at its Cullinan and Koffiefontein mines, it added.

On Monday, Petra said it was unsure whether it would be able to export diamonds from its Williamson mine in Tanzania after authorities seized a parcel of 71,654 carats of rough diamonds destined for Antwerp. The country has not released the stones, but Petra was able to recommence mining at Williamson following a four-day stoppage.

The rough producer’s share price fell 5% in early trading Tuesday.
Tags: Cullinan, Ekapa Mining, Finsch, industrial action, kimberley, Koffiefontein, National Union of Mineworkers, petra, Petra Diamonds, Rapaport News, South Africa, Strike, tanzania
Similar Articles
Dominion Ekati 150Dominion in Flux as CEO Resigns
Oct 20, 2020
Patrick Merrin has stepped down as interim CEO of Dominion Diamond...
Petra Lenders Take Majority Control of Company
Mountain Province Output Thrives in Third Quarter

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us