Petra Diamonds flags a ‘torrid’ year for sales
Full-year revenue plunged by a third as the major SA diamond miner talks to lenders over R11bn to optimise its debt structure
23 July 2020 - 12:46
Petra Diamonds has its back against the wall in discussions with lenders over more than R11bn of funding after the company’s full-year revenue fell by more than a third and the global market for rough diamonds remains weak and uncertain.
Petra has put itself or some of its assets up for sale after the Covid-19 pandemic disrupted its strategy to ramp up cash generation at its three mines in SA and one in Tanzania; cut costs; and position the company to cope with a $650m note payment falling due in May 2022...
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