"No Offers" for Troubled Petra

By John Jeffay / August 31, 2020 / www.idexonline.com / Article Link

(IDEX Online) - Troubled Petra Diamonds has yet to receive any offers from potential buyers as its debts mounts and revenue slumps.The UK-listed miner launched a formal sales process in June to sell the company either as a whole or in parts.Petra, founded by Adonis Pouroulis in 1997, bought the famous Cullinan mine, in South Africa, and other deposits deemed unprofitable by De Beers, including the Finsch and Koffiefontein mines, also in South Africa, and the Williamson deposit in Tanzania.So far it has received no offers for the mines, according to Tanzania's The Citizen news website, which also reports that the country's government, a 25-per cent shareholder, has opposed plans to sell Williamson.Petra has seen Q1 revenues plunge 32 per cent to $91.3m and faces $650m of debts in senior secured bonds, due for payment in May 2022.  Its famous Cullinan mine was the source of the largest rough gem-quality diamond ever - the 3,106.75-carat Cullinan Diamond that became part of the British Crown Jewels.   

Recent News

Monetary-driven precious metals outperform major base metals

September 09, 2024 / www.canadianminingreport.com

Gold stocks hit by plunging equities markets

September 09, 2024 / www.canadianminingreport.com

Gold stocks down as metal and equities momentum fades

September 02, 2024 / www.canadianminingreport.com

Another Kazatomprom guidance announcement shakes uranium price

September 02, 2024 / www.canadianminingreport.com

Major monetary drivers still supporting gold

August 26, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok