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Petra Forced to Halt Production in South Africa

Electricity provider, Eskom, has implemented rotational blackouts across the country.
Dec 10, 2019 4:41 AM   By Rapaport News
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RAPAPORT... Petra Diamonds has had to put operations on hold at its three 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 loads,” Petra said Monday. As a result, Petra has halted production, hoisting and processing at its Cullinan, Finsch and Koffiefontein deposits, and removed all underground workers not needed for essential services.

The electric company will only allow Petra to use power for pumping and ventilation to prevent flooding and maintain safety at the sites, the miner noted.

“Petra will update the market as soon as it receives further notification as to how long the load curtailment will last, and therefore what impact this is likely to have upon the company’s production performance,” it added.

Petra’s share price has dropped 8% in early trading Tuesday.

Image: The Finsch mine in South Africa. (Petra Diamonds)
Tags: Cullinan, Eskom, Finsch, Halt Production, Koffiefontein, petra, Petra Diamonds, Rapaport News
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