RapNet


Rapaport News

 

Mining

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Petra Names New CEO to Drive Turnaround

Richard Duffy is a veteran of the mining industry.
Feb 18, 2019 6:09 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Petra Diamonds has appointed mining veteran Richard Duffy as its new CEO in the hope he will return the company to positive cash flow and lower debt.

“[Duffy] brings with him an impressive depth of global mining experience, which we believe will be critical to drive Petra’s transition from a phase of intensive capital expenditure and expansion to a focus on steady-state, cash-generative operations,” Petra chairman Adonis Pouroulis said Monday. Duffy replaces Johan Dippenaar, who stepped down in September amid a $203.1 million loss.

In the first fiscal half ending December 31, Petra reduced its net loss by 71% to $57.9 million. Of that, $39.7 million was due to charges related to offloading Helam mine and its stake in the Kimberley Ekapa project. The company was also hit by a year-on-year drop in the average price of rough stones from its flagship Cullinan mine from $140 per carat to $96 per carat. During the second half of the financial year, the miner plans to shift production to a higher-value part of the mine’s C-Cut block cave. 

The company also has significant debt, which has increased over the past fiscal year, and currently stands at $559.3 million.

Duffy, who has both mining and finance experience, has worked in a variety of positions in the mining industry for 27 years. Most recently, he was the head of African operations and chief financial officer at AngloGold Ashanti Limited. In 2015, he cofounded Africa Energy Management Platform, which develops, finances, builds and operates renewable and hybrid energy projects in sub-Saharan Africa.

Duffy will work with Johan Dippenaar over the coming weeks to ensure an efficient handover, and will officially become CEO on April 1.

Petra’s share price rose 9% in early trading Monday following the announcement.

Image: Richard Duffy. (Petra Diamonds)
Tags: Adonis Pouroulis, Africa Energy Management Platform, AngloGold Ashanti, Cullinan Mine, Helam mine, Johan Dippenaar, petra, Petra Diamonds, Rapaport News, Richard Duffy
Similar Articles
Gem DiamondsGem Diamonds Digs Up 114ct. Yellow
Dec 10, 2019
Gem Diamonds has recovered a 114-carat yellow diamond at itsLetšeng mine...
Petra Forced to Halt Production in South Africa
Alrosa Identifies Potential New Diamond Resources
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



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