PDL Petra Diamonds Limited

TIDMPDL

RNS Number : 5415R

Petra Diamonds Limited

30 October 2019

 
 30 October 2019    LSE: PDL 
 

Petra Diamonds Limited

("Petra" or the "Company" or the "Group")

Pit Slope Scaling at the Cullinan Mine

Petra Diamonds Limited announces that there has been a scaling of the open pit wall at the Cullinan mine in South Africa, further to a thunderstorm over the weekend. Mining in the open pit at Cullinan was discontinued more than 50 years ago and all current mining operations are underground. Most importantly, no one was harmed in the incident and all necessary precautions have been taken to safeguard the wellbeing of our employees. It is not anticipated that this incident will have a material impact on production, but the Company is following all appropriate measures to properly address safety of the related mining areas.

Details of the incident:

Following a thunderstorm on Saturday 26 October, a notable scaling of the sidewall of the open pit at Cullinan occurred over the weekend and on Monday 28 October. The scaling was along geological structures with approximately 3 million tonnes of material falling into the open pit. The scaling resulted in a large plume of dust being generated, having some effect on the local community and entering the underground areas. As a precautionary measure, all employees were evacuated, while an underground team of ventilation specialists and proto team members carried out an underground inspection and declared the mine safe, with the result that underground mining resumed later on the evening of Monday 28 October. Community members were also engaged to assess the impact.

Following this incident, there has been thorough engagement with the Department of Mineral Resources ("DMR"), the labour unions and the local community, with a number of actions agreed upon. The operation is being disrupted for approximately one day in order to give management the opportunity to thoroughly inspect the underground workings for any anomalies and to complete a risk assessment before allowing operations to continue.

The nearest Cullinan community is on the south eastern corner of the pit and ongoing monitoring of the pit walls show no unusual movement, other than in the south west corner where ongoing scaling is evident. As a result, we do not foresee any risk to the larger community. Petra's dedicated community response team is in direct contact with the community to assist with any concerns and a public meeting will be scheduled later this week to provide further information on the matter.

Petra's Chief Executive, Richard Duffy, and Chief Operating Officer, Luctor Roode, were on site on Tuesday 29 October with the mine management team meeting with representatives of the DMR, union representatives and the community, as noted above.

Richard Duffy, Chief Executive, commented:

"We will take whatever steps are necessary, including the engagement of external technical specialists if required, to better understand this incident and any impact on future pit stability. The safety of our employees and surrounding communities continues to remain our key focus. Our meetings with our partners in Government, labour unions and the community earlier today were very constructive and their valued input is appreciated."

Ends

For further information, please contact:

   Petra Diamonds, London                                         Telephone: +44 20 7494 8203 

Cathy Malins

Des Kilalea

Marianna Bowes investorrelations@petradiamonds.com

Buchanan Telephone: +44 20 746 5000

(PR Adviser)

Bobby Morse

   Ariadna Peretz                                                            pdl@buchanan.uk.com 

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing mine in Tanzania (Williamson). Petra also conducts a limited exploration programme in Botswana and South Africa.

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 of ca. 250 million carats, which supports the potential for long-life operations.

Petra conducts all operations according to the highest ethical standards and will only operate 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' and is a constituent of the FTSE4Good Index. The Company's US$650 million loan notes due in 2022 are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.

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