(IDEX Online) - Petra Diamonds may have found a buyer for the loss-making Koffiefontein mine, in South Africa, that has been on care and maintenance since November 2022.The UK-based miner says it has has entered into a non-binding term sheet on an exclusive basis with an unnamed interested party.The mine was expected to reach the end of its life in 2025, before operations were halted. A 2021 assessment indicated a gross resource base of 5.25m carats, including 1.11m carats in the indicated resource category accessible through underground mining.Petra said it had been exploring a responsible exit from Koffiefontein since April 2022. It was planning to apply to the Department of Mineral Resources and Energy (DMRE) to have the mind officially closed next February, but will withdraw from that process if the sale goes ahead. Petra's CEO Ri chard Duffy said: "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."Petra said in January that it had failed to find a buyer for the underground deposit which it bought from De Beers in 2007. The mine dates back to 1880.