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JOHANNESBURG – Petra Diamonds sold its stake in the joint venture Kimberley Ekapa Mining for about 300 million South African rands ($ 22 million), the miner said on Thursday.
Petra Diamonds announced that it would sell its 75.9% stake in the company, which focuses on mining in the South African city of Kimberley, at its joint-venture. venture. Ekapa Mining
This sale would allow Petra to focus on its Finsch and Cullinan diamond mines, reduce the group's operational risk and consolidate its finances.
The company, which operates five mines in Tanzania and South Africa, has stated that it expects that the sale of shares will be accounted for as a non-cash impairment charge of the order of 35 to 45 million dollars in 2018.
About 600 workers lost their tools last September to protest wages at the Kimberley. Ekapa Mining Joint
The workers' strike contributed to Petra's tense financial situation, forcing him to renegotiate his loan agreements as the debt rose.
Petra was also hit by production delays, a confiscated diamond consignment in Tanzania and a mining company raised $ 178 million in a rights issue in June to help reduce its growing debt.
"With the strategic priority of securing all badets in Petra's portfolio RBC badysts said in a note, while reiterating their" outperformance "rating on the miner.
The transaction is expected to be completed in the first quarter of fiscal year 2019 of Petra and is subject to regulatory and lender approval.
– REUTERS
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