Petra Diamonds Limited Potential Sale of Koffiefontein (6567W)
13 Diciembre 2023 - 4:47AM
UK Regulatory
TIDMPDL
RNS Number : 6567W
Petra Diamonds Limited
13 December 2023
13 December 2023 LSE: PDL
Petra Diamonds Limited
("Petra" or "the Company")
Koffiefontein Update
Non-Binding Term Sheet for the Potential Sale of
Koffiefontein
Petra is pleased to announce that the Company has entered into a
non-binding term sheet on an exclusive basis with an interested
party for the potential sale of the Koffiefontein Diamond Mine
(Koffiefontein) in South Africa.
Petra has been exploring a responsible exit from Koffiefontein
since April 2022, with the operation being placed on care and
maintenance in November 2022. The Company continues to transition
Koffiefontein towards closure, with a closure application expected
to be submitted to the Department of Mineral Resources and Energy
(DMRE) in February 2024. This application will only be withdrawn
upon completion of the potential sale. If the parties are unable to
agree definitive agreements, then Petra intends to proceed with its
decommissioning, rehabilitation and closure programme, in line with
the closure plan that is planned to be submitted and pending DMRE
approval.
Any sale would be subject to obtaining the consent of the DMRE
in accordance with section 11 of South Africa's Mineral and
Petroleum Resources Development Act. Petra is committed to ensuring
that any future owner of Koffiefontein has the technical and
financial capability to conduct operations in a responsible manner
for all stakeholders.
The Company will provide further updates on the progress of the
potential sale in due course.
Richard Duffy, Chief Executive Officer of Petra, commented:
"We are mindful of our obligations towards our stakeholders at
Koffiefontein when considering a potential sale, which provides an
opportunity to extend the economic life of the mine beyond the
responsible closure process currently underway.
"We will continue to work closely with the DMRE, community
representatives and other key stakeholders to find the best way
forward at Koffiefontein and remain dedicated to our environmental
and social responsibilities, whether through the decommissioning
and closure process, or through a potential sale."
For further information, please contact:
Investor Relations, London Telephone: +44 20 7494 8203
Patrick Pittaway investorrelations@petradiamonds.com
Julia Stone
Kelsey Traynor
Financial PR (Camarco)
Gordon Poole Telephone: +44 20 3757 4980
Owen Roberts petradiamonds@camarco.co.uk
Elfie Kent
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
a supplier of gem quality rough diamonds to the international
market. The Company's portfolio incorporates interests in three
underground mines in South Africa (Finsch, Cullinan Mine and
Koffiefontein) and one open pit mine in Tanzania (Williamson). The
Koffiefontein mine is currently on care and maintenance in
preparation for sale or closure.
Petra's strategy is to focus on value rather than volume
production by optimising recoveries from its high-quality asset
base in order to maximise their efficiency and profitability. The
Group has a significant resource base which supports the potential
for long-life operations.
Petra strives to conduct all operations according to the highest
ethical standards and only operates in countries which are members
of the Kimberley Process. The Company aims to generate tangible
value for each of its stakeholders, thereby contributing to the
socio-economic development of its host countries and supporting
long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the
London Stock Exchange under the ticker 'PDL'. The Company's loan
notes due in 2026 are listed on the Irish Stock Exchange and
admitted to trading on the Global Exchange Market. For more
information, visit www.petradiamonds.com.
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