News

Advanced Search

Petra Sells South Africa Mine for $14

Dec 9, 2018 9:25 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Petra Diamonds has offloaded its Helam mine in South Africa for a total price of ZAR 200 ($14).

Petra put the asset on care and maintenance in 2015 after failing to find a suitable buyer, and hasn’t carried out any mining there since. It has now sold it to Lindleys Mining to support a South African government program to prolong the lives of deposits facing closure, Petra said last week.

The disposal is also part of Petra’s streamlining of assets, with care-and-maintenance costs for the mine coming to about $2 million per year. Petra will offload $1.7 million of related environmental obligations to Lindleys, while retaining shared access to the processing plant, which it has been using for sampling work for its other projects.

Petra’s former technical director, Jim Davidson — who retired from the company in June — has taken a 49% stake in Lindleys, Petra added.

Petra last week completed the sale of its majority interest in the Kimberley mine in South Africa to Ekapa Mining for ZAR 300 million ($22 million) as part of the efforts to shed unprofitable assets.

Image: Rough diamonds. (Shutterstock)
Tags: Rapaport News
Similar Articles
Hong KongHong Kong Polished Imports Slide
Aug 13, 2019
Polished-diamond imports to Hong Kong declined 6% in the first half, according to data from the Diamond Federation
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.