R/€ = 16.27 Change: 0.01
R/$ = 14.39 Change: 0.01
Au 1238.58 $/oz Change: 0.51
Pt 783.50 $/oz Change: -9.03


Petra delivers sound Q1 production

By: Tasneem Bulbulia     22nd October 2018 London-listed Petra Diamonds achieved a solid operational performance in the three months ended September 30 – the first quarter of its 2019 financial year. Production for the period increased by 21% year-on-year to 1.07-million carats, mainly as a result of a 25% increase in run-of-mine... 

Petra says owed $25m in VAT refunds by Tanzania

By: Reuters     17th September 2018 Petra Diamonds is owed about $25-million in value added tax (VAT) refunds by Tanzania, its chief executive said on Monday. "We are not getting paid at the moment. The historical figure owed is $16-million," CE Johan Dippenaar told Reuters in an interview, adding that current VAT is an additional... 

Petra lifts FY18 adjusted Ebitda, starts search for new CEO

By: Tasneem Bulbulia     17th September 2018 Diamond miner Petra Diamonds achieved a 37% year-on-year increase in adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) to $195.4-million for the financial year ended June 30. Its adjusted Ebitda margin improved to 39%, from 36% in the 2017 financial year. 

Construction project boosts services demand

By: Melissa Zisengwe     20th July 2018 Multidisciplinary engineering service provider TDS Projects Construction has secured an integrated construction project, which has significantly boosted the company’s order book and the demand for construction services in the local mining sector. In June, TDS was awarded two distinct, but... 

Resources Watch  

18th July 2018 Platinum jewellery heading for good year – PGI Cullinan mine moves to centralised blasting to improve safety, efficiency And, Shondoni to help sustain Sasol's Secunda Complex until 2050 

UP to host diamond exploration course in October

By: Nadine James     13th July 2018 The University of Pretoria (UP) will be hosting a short course on ‘Diamond Exploration and their Primary and Secondary Sources’ from October 23 to 26. The internationally recognized short course will be led by Tsodilo Resources nonexecutive director and geologist Dr Mike de Wit and resource... 

Cullinan mine moves to centralised blasting to improve safety, efficiency  

By: Nadine James     6th July 2018 Petra Diamonds’ Cullinan mine hopes to achieve further improvements in safety, mining efficiencies and productivity, following the implementation of BME’s AXXIS centralised blasting system across its underground operation. The system was officially launched on Wednesday. 

Petra to sell KEM JV stake to Ekapa for R300m

By: Creamer Media Reporter      5th July 2018 LSE-listed Petra Diamonds and its black economic empowerment partners plan to sell their 75.9% interest in the Kimberley Epaka Mining (KEM) joint venture (JV) to JV partner Ekapa Mining for about R300-million. The KEM JV incorporates the Kimberley Underground mine, extensive tailings retreatment... 

Petra receives valid acceptances for 94.97% of rights issue shares

By: Simone Liedtke     29th June 2018 Petra Diamonds has received valid acceptances in respect of 316.92-million shares, representing about 94.97% of the rights issue shares offered in a five to eight rights issue announced in May. Further, subscribers have been procured for 16.7-million rights issue shares, for which valid... 

Petra’s Cullinan mine uses new centralised blasting system to improve safety, productivity

By: Nadine James     27th June 2018 Petra Diamonds’ Cullinan mine hopes to achieve further improvements in safety, mining efficiencies and productivity, following the implementation of BME’s AXXIS centralised blasting system across its underground operation. The system was officially launched on Wednesday. 

Petra Diamonds shareholders back rights issue

By: Reuters     13th June 2018 Shareholders in mining company Petra Diamonds on Wednesday approved a rights issue to raise about $170-million to help cut its debt burden, driving the share price around 5% higher. The company, which has suffered setbacks in Tanzania as well as production delays and strikes, had said there was a... 

Tharisa may join Karo in $4.2bn Zimbabwe platinum project

By: Bloomberg     31st May 2018 Tharisa, the platinum and chrome miner run by the Pouroulis family, is considering investing in a $4.2-billion platinum project in Zimbabwe being developed by another company founded by the family. Tharisa would join Karo Resources, founded by mining entrepreneur Loucas Pouroulis, in building the... 

Petra’s shares fall on $178m proposed rights issue

By: Simone Liedtke     24th May 2018 Petra Diamonds’ share price on the LSE fell by more than 20% on Thursday after it announced plans to raise $178-milion, or about £133-million, through a fully underwritten 5 for 8 rights issue. The diamond miner, which has operations in South Africa and Tanzania, said its cash flow generation... 

Petra’s value over volume production strategy paying off

By: Simone Liedtke     23rd April 2018 The make-up of production at diamond miner Petra Diamonds is transforming, with higher-value run-of-mine (RoM) production having represented about 82% of the company’s carat volume during the quarter ended March 31. This, the company said on Monday, was in line with the company’s focus on value... 

Petra Diamonds secures new debt agreements with lenders

By: Reuters     10th April 2018 Petra Diamonds said on Tuesday that it has finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements for this year. The London-listed miner started talks with its banks earlier this year after the confiscation of a consignment of... 

Digital tools deliver transparency, control to deep-level mining

6th April 2018 To deliver transparency and control to deep-level and other mining operations, global supplier of engineering and mining equipment Sandvik has developed the next generation of service offering from Optimine, OptiMine Analytics, which can  transform data into process improvements through... 

Innovative mobile toilet solutions suit mining industry

By: Melissa Zisengwe     30th March 2018 Cape Town-based premier mobile ablutions and toilets supplier Absolute Ablutions is offering the mining industry an innovative range of toilets, providing the most effective and affordable sanitation for remote mining sites. A variety of high-quality toilet units, including basic non-flush,... 

HRB technology, advantages drilled out at SANCOT talk

By: Jessica Oosthuizen     23rd March 2018 JSE-listed raiseboring and drilling services provider Master Drilling featured its horizontal raiseboring (HRB) technology and its advantages for mechanised mining at the latest South African National Committee on Tunnelling (SANCOT) breakfast, held in Woodmead last month. Master Drilling... 

Botswana Diamonds starts drilling at Ontevreden kimberlite pipe

By: Simone Liedtke     13th March 2018 Aim-listed Botswana Diamonds has started drilling at the Ontevreden kimberlite pipe, which is part of the company’s Vutomi’s Joint Venture in South Africa and which contains significant quantities of G10 and G9 garnets. “We are pleased to announce the commencement of drilling at the Ontevreden... 

Frontier discovers first diamonds at Northern Cape project

By: Mariaan Webb     7th March 2018 Junior miner Frontier Diamonds, which started trading on the ASX in January, has recovered the first diamonds from its Bellsbank kimberlite pipe exploration project, near its Sedibeng diamond mine in South Africa’s Northern Cape province. The diamonds were recovered from a sample that was treated... 

Strikes, currency strength push Petra to H1 loss

By: Dylan Slater     19th February 2018 Strike action at some of its South African mines, currency strength and the inability to sell a parcel of diamonds from its Williamson mine, in Tanzania, negatively impacted on Petra Diamonds’ profitability in the six months ended December 31.  

Political shifts lift investor mood in Southern African mining

By: Reuters     8th February 2018 Mining is a long-term game, but in Southern Africa dramatic political changes have transformed the investment mood for the better in the space of a year. Angola's Jose Eduardo dos Santos and Zimbabwe's Robert Mugabe stepped down in 2017 after a combined 75 years in office, while the election of... 

Petra delivers record production but stifled by Tanzania blockage

By: Megan van Wyngaardt     29th January 2018 In the six months to December 31, LSE-listed Petra Diamonds saw a 10% production increase to 2.2-million carats across its operations, which was in line with guidance. This represented record production for any six-month period for the company. 

Tharisa's Pouroulis meets Zimbabwe leader, seeks opportunities

By: Bloomberg     26th January 2018 Tharisa CEO Phoevos Pouroulis met Zimbabwe’s new President Emmerson Mnangagwa on January 18, as the Cyprus-based platinum and chrome mining company seeks opportunities in the country with the world’s second-biggest reserves of the metals. Pouroulis was accompanied to the meeting in Mnangagwa’s... 

Kimberley’s diamond endowment given new sparkle 

By: Martin Creamer     8th January 2018 Generations of diamond processing experience, interwoven with modern know-how, is extending the diamond endowment of the city of Kimberley. Kimberley Ekapa Mining Joint Venture (KEM-JV) has come up with a viable business model that returns a diamond sparkle to the city renowned for its... 

Kimberley tailings still yielding diamonds

15th December 2017 Historical diamond tailings left across Kimberley, in the Northern Cape, by diversified miner De Beers Consolidated Mines continue to hold significant potential for diamond extraction, owing to technological advances made in ore treatment.  

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent ones, thereby reflecting a degree of positivity, as well as signs of growth. This also points to untapped potential that is ready to be unlocked through increased investment upstream and... 

New polishing facility a boost to Dubai’s status as a diamond trading centre

By: Dylan Slater     8th December 2017 The global diamond industry is either growing in affluent regions or remaining steady in less affluent regions, thereby showing a degree of positivity with signs of growth. This also points to a degree of untapped potential that is ready to be unlocked through increased investment upstream and... 

Political tension slows mining activity in Tanzania

By: Victor Moolman     10th November 2017 Despite the fact that political tension in Tanzania has impacted the mining industry, with several operations subsequently closing, SEW-EURODRIVE continues to have a strong presence in the country, with Tanzania as its main hub for East Africa. SEW-EURODRIVE South Africa national sales manager... 

Petra reports strong Q1 performance, despite strike, Tanzania export ban

By: Creamer Media Reporter      23rd October 2017 Despite labour disruptions at LSE-listed Petra Diamonds’ Finsch, Koffiefontein and Kimberley Ekapa Mining (KEM) Joint Venture (JV) operations in late September, CEO Johan Dippenaar says the group achieved a strong start to the 2018 financial year. Production for the quarter was down 4%... 

Diamond struggles in Tanzania

13th October 2017 Owing to the possible loss of revenue at London-listed Petra Diamonds’ operation in Tanzania, it is likely that the mining company will have to seek a waiver from its banking consortium, as it has in the past, for its December 2017 bank covenant test. This is according to credit ratings firm... 

Tanzanian mining sector facing tough times

13th October 2017 The Tanzanian mining sector has been hardest hit by regulatory changes in the country, with investors in other sectors also adopting a more cautious stance, which will present headwinds to growth in the long term, says research firm BMI Research. A recent dispute between the Tanzanian government... 

Petra Diamonds warns of possible breach of lending covenants

By: Anine Kilian     9th October 2017 LSE-listed Petra Diamonds on Monday warned shareholders it was likely to breach lending covenants at the end of this year owing to labour disruptions at its South African mines and uncertainty around sales volumes from its Williamson mine, in Tanzania. The company last month said two earnings... 

Diamond stocks are crashing this year, but gem prices aren't

By: Bloomberg     2nd October 2017 It’s been a surprisingly ugly year for most diamond companies. Shares of small producers, mainly focused on mines in southern Africa and Canada, have tumbled more than 30 percent during the past year and each company seems to be embroiled in its own mess. 

Tanzania grants Petra authorisation to resume diamond exports, sales

By: Creamer Media Reporter      28th September 2017 The Tanzanian government has granted LSE-listed Petra Diamonds authorisation to resume the export and sales of diamonds from its Williamson mine. The miner and the government will now finalise details of the timing and process for the next diamond parcel to be exported to Petra’s marketing office... 

Concrete Rehabilitation Success At Finsch By Botes & Kennedy Manyano

28th September 2017 Botes & Kennedy Manyano offered Petra Diamonds a practical workable solution for the rehabilitation of three concrete silos at its Finsch Diamond Mine in the Northern Cape. The design and construct project was aimed at restoring the structural integrity of the silos while addressing issues such... 

Giant pink diamond discovered could be Alrosa's most expensive

By: Bloomberg     22nd September 2017 Russia’s Alrosa has unearthed a pink diamond that the gem giant says could be the most expensive it has ever found. Alrosa, which produces more stones than anyone else, found the 27.85 ct pink gem at its alluvial mines in Russia’s Far East. The company said the biggest pink diamond it had... 

NUM continues strike at Petra’s Finsch mine, to down tools at Koffiefontein after wage deadlock

By: Natasha Odendaal     21st September 2017 The National Union of Mineworkers (NUM) has issued Petra Diamonds with a 48-hour notice for a planned, protected strike at the Koffiefontein mine, in Northern Cape. The union on Thursday said it would withdraw all members from the mine, starting on Saturday morning, until Petra accedes to the... 

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