22-7-2020
Petra Diamonds has entered into an agreement with Botswana Diamonds to sell its holding in Sekaka Diamonds Exploration for a total consideration of US$300,000 and a five percent royalty on future diamond revenues.
Richard Duffy, Petra chief executive commented: “This disposal forms part of our strategy to focus on driving efficiencies from our high-quality producing mines, but allows us to maintain upside to potential future commercial production from the Botswana assets, particularly from the KX36 deposit. We wish Botswana Diamonds well with their exciting exploration programme in Botswana and look forward to following their progress.”
In last month, Petra called for buyers to purchase its entire business or parts of the business and assets to secure its immediate liquidity concerns, including US$650 million debt repayments due in May 2022.
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