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Petra Diamonds puts "non-core" fissure mines up for sale

1 Aug 2012

Independent diamond mining group Petra Diamonds Limited announced in a statement that it has, in conjunction with its BEE partners, proposed to sale its fissure mine operations in South Africa, comprising the Helam, Sedibeng and Star mines, Mineweb reports.

The acquisition of Cullinan, Finsch, Koffiefontein, Williamson and Kimberley Underground mines, Petra said, has been "highly successful", allowing the group to target an increase in production from 2.2 million carats in FY 2012 to over 5 million carats for FY 2019 without further acquisitions. "The fissure mines have therefore become non-core to the Group."

The group statement emphasised that - apart from financial objectives - "Petra will consider prospective purchasers' approach to employment, health and safety, environmental management and other issues fundamental to the long term success of the fissure mines for all stakeholders." According to Mineweb, Petra Diamonds' CEO, Johan Dippenaar said that the fissure mines produce high value stones and that "under the right ownership they have the potential to deliver strong returns for many years to come, whilst at the same time providing employment to the communities in the surrounding areas."

Read the full article on www.mineweb.com.