Petra’s higher output keeps target in sight
Petra CEO Johan Dippenaar says the producer is in talks with the Tanzanian government on fast-tracked local ownership demands
Petra Diamonds, a leading South African diamond producer, increased output in the first nine months of its financial year, keeping it on track to produce 4.4-million carats for its full year as it navigates ownership demands in Tanzania. Petra operates five mines, four in SA. The fifth is an opencast mine in Tanzania, where the government has demanded 30% local ownership by the end of August, a deadline it brought forward from 2018. Of Petra’s mines — all formerly owned by De Beers — the Williamson mine is the second-smallest, with 158,233 carats produced so far in this financial year to June. Petra CEO Johan Dippenaar said the Tanzanian government owned 25% of Williamson and Petra was in talks with the government. "I can’t tell you what the outcome will be; 25% is already owned by locals, but we don’t want to get ahead of ourselves. We have a position unlike many others," he said. SA’s Mining Charter dictates that mining companies operating in SA must have a minimum 26% black owner...