South Africa’s Petra Diamonds has found yet another big rock at its iconic Cullinan mine, a 39.34 carat Type IIb gem said to be of “exceptional quality” due to both its colour and clarity. The miner didn’t indicate the diamond’s potential value but said it would sell it in a special tender. Cullinan is known … Read more
Petra Diamonds has sold a 299.3 carat diamond recovered in January at its iconic Cullinan mine, in South Africa, to Belgium-based Stargems DMCC for $12.18 million. The exceptional Type 11a white gem-quality rock achieved a price of $40,701 per carat, which exceeds the $34,386/ct received for the 424.89 carat “Legacy of the Cullinan Diamond Mine” … Read more
Struggling Petra Diamonds (LON: PDL) said on Wednesday its investors have approved plans to restructure the business, a move that aims to provide the miner with a more stable, deleveraged capital structure to ensure its short and long-term viability. Over 95% of shareholders voted in favour of a resolution that includes reducing authorized share capital … Read more
Botswana Diamonds (LON:BOD) said on Monday it had completed the acquisition of Sekaka, the exploration vehicle that belonged to embattled rival Petra Diamonds (LON:PDL) and which held three prospecting licenses in the country’s Central Kalahari Game Reserve. In one of its licenses, Sekaka had singled out the KX36 kimberlite pipe, which is situated about 70 … Read more
De Beers has purchased five rough blue diamonds from Petra Diamonds for more than $40 million in partnership with one of its sightholders. The miner bought the Letlapa Tala collection together with South African wholesaler and manufacturer Diacore for $40.4 million, split equally between the two companies. The type IIb stones, which originated from Petra’s … Read more
Petra Diamonds (LON: PDL) announced the launching of a special tender process for the Letlapa Tala Collection, which comprises five blue diamonds sourced from the Cullinan mine in South Africa. Cullinan is known as the world’s most important source of blue diamonds, as well as being the place of birth of the 3,106-carat Cullinan diamond, … Read more
Petra Diamonds has abandoned plans to sell the business in favour of a debt-for-equity restructuring, it said on Tuesday, sending its shares lower because of the deal’s dilutive effect on existing stakeholders. The London-listed company, which mines diamonds in South Africa and Tanzania, had put itself up for sale in June as part of the … Read more
South Africa’s Petra Diamonds, which put itself up for sale in June, announced on Wednesday it had found five high-quality blue diamonds, but toned down the news by saying the discovery won’t help turn around its fortunes. Petra, which has been hit by a triple whammy of weak market conditions, power emergencies in the home … Read more
Petra Diamonds (PDL.L) has agreed to sell its Botswanan exploration assets to Botswana Diamonds (BODP.L) for $300,000 and a 5% royalty on future revenue, the diamond miner, which is in the process of restructuring, said on Monday. The purchase price will be payable in two equal instalments on or before August 31, 2021 and August … Read more
South Africa’s Petra Diamonds is saying goodbye to Adonis Pouroulis, the company’s founder and chairman for 23 years. The diamond producer, which dropped the role of chief operating officer in November because of management restructuring, said Pouroulis is being succeeded by Peter Hill, who was appointed a non-executive director of Petra and chairman-designate in December. Hill began his career … Read more