[ad_1]
Bangalore / London – Petra Diamonds sold its stake in the joint venture Kimberley Ekapa Mining for about 300 million rand, said Thursday the miner
shares listed on the London Stock Exchange, which fell by more than half at during the last two years. The company Petra Diamonds announced that it would sell its 75.9% stake in the company, which focuses on mining in Kimberley, to its joint venture partner Ekapa Mining. The sale would allow Petra to focus on its Finsch and Cullinan diamond mines, reduce operational risk for the group and consolidate its finances.
The company, which operates five mines in Tanzania and South Africa, reported being recorded as a non-cash impairment charge in the range of $ 35 to $ 45 million in 2018.
Approximately 600 workers lost tools last September to protest the compensation of the joint venture Kimberley Ekapa Mining and the Finsch mine. . The labor strike contributed to Petra's tense financial situation, forcing her to renegotiate her loan agreements as the debt rose.
Petra was also hit by production delays, a confiscated diamond shipment to Tanzania and a high rand. its funders three times.
The miner raised $ 178 million in a rights issue in June to help reduce his growing debt. "With the strategic priority of ensuring that all of Petra's portfolio badets generate returns and contribute to the company's positive cash flow, we view the divestment as a positive development," badysts said. from RBC.
The transaction is expected to close in the first quarter of fiscal year 2019 in Petra and is subject to approval by regulators and lenders.
Reuters
[ad_2]
Source link
