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Petra Diamonds
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Petra Diamonds placed its Finsch mine, in Kimberley, under business rescue in May, with practitioners Daniel Theodorus van Jaarsveld and Luke Bernard Saffy suspending production pending a Finsch-specific plan, and issued a Section 189A retrenchment notice at Cullinan. The National Union of Mineworkers warns 689 Finsch jobs and 1 090 Cullinan jobs are at risk. Rival De Beers has separately decided to pause production at its Venetia mine for two years, citing weak market conditions and falling global rough diamond supply, and referenced Petra's Finsch move as part of a wider trend of producers closing mines.
Weak prices and stronger rand squeeze marginsCEO Vivek Gadodia describes an unprecedentedly weak diamond market, with April and May tenders averaging about $81/ct at Cullinan and $47/ct at Finsch, worsened by a stronger rand. Petra has halted capital expenditure at Finsch and refocused on high-value areas at Cullinan, with an updated business plan due by the end of September.
Exceptional blue diamond offers revenue lifelinePetra sold a 41.82 ct Type IIb blue diamond recovered at Cullinan in December 2025, retaining a share of the polished stone's eventual profit, expected in about 12 months. The stone will be cut and polished in South Africa to support local beneficiation.
Petra Diamonds Updates
Diamond miner De Beers Group has, consistent with recent actions to improve business resilience, decided to pause production at its Venetia mine, in South Africa, for two years to reduce costs...
Trade union the National Union of Mineworkers (NUM) has condemned the decision by London-listed Petra Diamonds to place the Finch diamond mine in Kimberley under business rescue and to issue a...
Business rescue practitioners (BRPs) Daniel Theodorus van Jaarsveld and Luke Bernard Saffy have taken over the custodianship of London-listed Petra Diamonds' Finsch mine, in South Africa, and will...
Amid continued weakness in the diamond market, London-listed Petra Diamonds has decided to place its Finsch mine, in South Africa, in business rescue in order to protect the overall business. CEO...
London-listed Petra Diamonds has embarked on an immediate cost and capital expenditure (capex) reduction assessment to preserve liquidity across the group and is considering suspending further...
Johannesburg- and London-listed integrated resource group Tharisa has appointed former Petra Diamonds CFO Jacques Breytenbach as CFO designate, with effect from May 1. He will succeed Michael...
London-listed Petra Diamonds sold 781 797 ct of diamonds during the quarter ended March 31 – the third quarter of its 2026 financial year. Revenue for the quarter was $68-million, compared with...
London-listed Petra Diamonds has reported revenue of $100-million for the six months ended December 31, 2025, compared with the revenue of $115-million reported for the six months ended December...
Wind turbine technology provider Nordex Energy South Africa (NESA) is supplying 33 wind turbines to the Zen and Bergriver wind projects, in the Western Cape, which will have a combined capacity of...
Precious and green metals mining company Sibanye-Stillwater has concluded a flexible renewable energy power purchase agreement (PPA) with energy trader Etana Energy, involving the supply of 220 MW...
The illustrious Cullinan diamond mine, flagship of London-listed Petra Diamonds, is not only famous for hosting the largest gem diamond but a flurry of reports is now affording sky-high status to...
The illustrious Cullinan diamond mine, flagship of London-listed Petra Diamonds, is not only famous for hosting the largest gem diamond but a flurry of reports is now affording sky-high status to...
London-listed Petra Diamonds has recovered a 41.82 ct Type IIb blue diamond of seemingly exceptional quality in terms of both its colour and clarity at the Cullinan mine, in South Africa. The...
South African energy trader Etana Energy has reported that it will purchase all of the renewable electricity generated by two new wind farms being built by global renewables group Acciona Energía...
London-listed Petra Diamonds has announced a series of board appointments following its AGM on November 27, including that of Vivek Gadodia and Juan Kemp as permanent joint CEOs of the company....
Balancing responsible mining with operational efficiency is a defining theme across Africa’s resource sector, and for diamond miner Petra Diamonds, that balance is central to long-term strategy,...
(Virtual Showroom) Leading drilling and exploration specialist Rosond is pleased to announce the appointment of Dr. Adwoa Boaduo as Group Head of Safety, effective November 2025. A seasoned...
London-listed Petra Diamonds, which owns and operates the Cullinan and Finsch mines, in South Africa, produced 609 336 ct of diamonds in the quarter ended September 30 – the first quarter of its...
Diamond producer Petra Diamonds has launched an £18.8-million rights issue as the final step in completing a long-term refinancing agreement that extends the company’s debt maturities by up to four...
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