Petra Signs Deal to Sell Idled Diamond Mine
By Rob Bates | December 14, 2023
"Petra Diamonds has announced it has signed a nonbinding term sheet with an undisclosed “interested party” for the sale of the Koffiefontein mine in South Africa.
No further information was provided.
The diamond mine was placed on care and maintenance in November 2022. Petra has submitted a closure application to South Africa’s Department of Mineral Resources and Energy (DMRE), but the application will be withdrawn if a sale occurs.
“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,” said Petra CEO Richard Duffy in a statement.
“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 ... "
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