Petra dissolves COO position as part of efficiency drive

London-listed Petra Diamonds has effected some organisational changes to help facilitate the rapid execution of its Project 2022 strategy.

These changes include a flatter management structure, with mines now reporting directly to CE Richard Duffy.

The company on Friday reported that the restructuring had resulted in the removal of the COO role and that Luctor Roode was, therefore, leaving the company to pursue other interests, effective immediately.

Duffy commented that Roode had been instrumental in leading the operations' transition to a steady-state operational performance following a long period of capital investment across the company’s mines.

“He leaves Petra at a time when the company is delivering solid and consistent production results across the operations and I am certain that he will be successful in his future endeavours.”

The company in July established a project team to support its Project 2022 strategy, which entails identifying and driving efficiencies and improvement across all aspects of the business. This is expected to, ultimately, enable the company to deliver an initial target of between $150-million and $200-million free cash flow over a three-year period.