LSE-listed Petra Diamonds on Wednesday announced the completion of the sale of its and its black economic empowerment partner’s 75.9% interest in the Kimberley Ekapa Mining joint venture (KEM JV) for R300-million to JV partner Ekapa Mining.
The KEM JV incorporates the Kimberley underground mine, extensive tailings retreatment programmes and the high-volume central treatment plant, which are all located in or around the historic diamond mining centre of Kimberley, in South Africa’s Northern Cape province.
Ekapa will take on all the financial, employee, environmental, health, safety and social obligations with regard to the KEM JV operation.
"The completion of the disposal is in line with [Petra’s] strategic priorities, which include the ongoing review of the asset portfolio in order to maximise return on capital and ensure that all assets are in a position to contribute positive cash flow to the business,” Petra said in a statement.
Petra recorded an attributable loss on discontinued operations of $104.3-million for the financial year ended June 30, relating to the reclassification of KEM JV as a discontinued operation.