Petra Forced to Halt Production in South Africa

By Rapaport News / December 10, 2019 / www.diamonds.net / Article Link

RAPAPORT... Petra Diamonds has had to put operations on hold at itsthree South African mines, due to a restriction on power usage enforced by the local electricity provider. Eskom has told the miner to limit its power usage to "essential loads," Petra said Monday. As a result, Petra has halted production, hoisting and processing at its Cullinan, Finsch andKoffiefontein deposits, and removed all underground workers not needed for essential services. The electric company will only allow Petra to use power forpumping and ventilation to prevent flooding and maintain safety atthe sites, the miner noted. "Petra will update the market as soon as it receives furthernotification as to how long the load curtailment will last, and therefore whatimpact this is likely to have upon the company's production performance," itadded. Petra's share price has dropped 8% in early trading Tuesday. Image: The Finsch mine in South Africa. (Petra Diamonds)

Recent News

Investment banks ahead of the gold price, institutions still behind

April 21, 2025 / www.canadianminingreport.com

Gold stocks up, juniors outperform on small cap strength

April 21, 2025 / www.canadianminingreport.com

Gold stocks rebound to new highs

April 14, 2025 / www.canadianminingreport.com

US$ and bonds not the safe havens normally expected

April 14, 2025 / www.canadianminingreport.com

Crash driven by tech and highly cyclical sectors

April 07, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok