Petra Diamonds
 |
|
| Public (: ) | |
| Industry | Diamond mining |
| Founded | 1997 |
| Headquarters | Jersey |
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Key people
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Adonis Pouroulis, Chairman Johan Dippenaar, CEO |
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Production output
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3,700,000 carats (2016) |
| Revenue | US$430.9 million (2016) |
| US$108.4 million (2016) | |
| US$66.8 million (2016) | |
| Website | petradiamonds.com |
Petra Diamonds Ltd is a diamond mining group headquartered in Jersey. It has a diversified portfolio, with interests in eight producing mines in South Africa and Tanzania and an exploration programme in Botswana. Petra Diamonds' focus has shifted from exploration to production, becoming one of the largest independent producers of diamonds in Africa. In June 2012, Petra owns 5 of the world's most productive mines historically. These mines include the Cullinan Diamond Mine famed for having produced the world's largest rough and polished diamond.
Petra is listed on the and is a constituent of the FTSE 250 Index.
Petra Diamonds was founded by Adonis Pouroulis in 1997 and was first listed on the Alternative Investment Market later that year. It transferred to the Main Market in December 2011.
Petra Diamonds' operations are focused in Africa:
Petra Diamonds operates four producing diamond mines in South Africa. These are all underground kimberlite pipe mines (Cullinan, Finsch, Koffiefontein and Kimberley Underground). The company also had three smaller Fissure Mines (Helam, Sedibeng and Star), but Sedibeng and Star have recently closed and Helam is being run down for closure. Petra Diamonds has a record of turning De Beers' unprofitable South African mines into financial successes. According to Nicky Oppenheimer, Chairman of De Beers, the reason for this was "De Beers was operating the mines with too large a cost structure, something Petra doesn't have." The underground kimberlite mines were purchased from De Beers Consolidated Mines.
Finsch diamond mine is one of the world's most important diamond mines and South Africa's second largest diamond operation by production. On 14 September 2011, Petra purchased Finsch as a fully staffed, operating mine from De Beers for a total consideration of ZAR1.4 billion. Finsch is a major producer, having supplied over 126 million carats in its 40 plus year life to date. Petra is currently implementing a development plan to lift production from ca. 1.4 million carats per annum to 1.9 million carats per annum by FY 2017 (involving both underground and tailings production).
In July 2008, Petra led a consortium which acquired the Cullinan diamond mine from De Beers Consolidated Mines for a total cash consideration of ZAR1 billion. In line with the South African Mining Charter, the Petra Diamonds Cullinan Consortium included broad based Black Economic Empowerment partners.
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Wikipedia