London — A possible breach of its banking agreements does not pose a big risk to Petra Diamonds because its finances will improve following the end of a labour dispute in South Africa and the lifting of an export ban in Tanzania, its chief executive said. "We don’t regard it as a high risk to the business," CEO Johan Dippenaar said of the possible breach of loan terms. The mining firm was in monthly talks with its banks, he said. "Should we not make it, we know we will have a sensible discussion with the bankers," he said. "As we turn cash flow positive between January and June then that pressure comes off." London-listed Petra flagged a possible breach of two of its debt covenants in October due to a three-week strike at its South African operations and a confiscated consignment of diamonds in Tanzania. "It’s a measure that only takes place at the end of March, based on the December numbers," Dippenaar said. Getting the diamonds released for sale was vital to the company meeting it...
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