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SA’s second-largest diamond producer has noted a one-fifth increase in rough diamond prices as its three SA mines recovered from the lockdown, but it’s not enough to stave off a massively dilutive debt restructuring plan.

London-listed Petra Diamonds, which is engaged in a plan to address a $650m bond that falls due in 2022 and which would dilute existing shareholders to a mere 9% stake in the miner, reported a decline in production in the quarter to end-September, the first of its financial year...

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