Petra Diamonds Ltd - Cost savings target increased to more than US$30m per annum and entry into definitive transaction agreement for the sale of Koffiefontein.
8 April 2024 LSE: PDL
(Petra, the Company or the Group)
Cost savings target increased to more than
In line with its approach to building business resilience, Petra announces additional steps to reduce costs and provides an update of the sale of its interest in the
“We remain on track to deliver the
Regular updates on the Company’s delivery against the
Since taking the decision to close Koffiefontein, Petra has remained committed to also exploring a responsible exit in consultation with its stakeholders. I am pleased that the sale agreement reached with
Further reduction in operating expenditure
The Company’s group structure is being realigned to meet the requirements of the operations. Regrettably, as a result of this group restructure, S189(3) notices (proposed retrenchments) under the South African Labour Regulations Act (LRA) have been issued to all group employees to commence consultations around affected roles.
At
At
Collectively, the measures outlined above are expected to deliver in excess of
Entry into definitive transaction agreement for the sale of Koffiefontein
Further to Petra’s announcement on
On completion of the sale, Petra will transfer its stake in the entity that owns KDM to
Completion of the sale is subject to obtaining the consent of the
Petra will provide further updates on the progress of completing the sale in due course.
Petra is being advised on the sale by Questco Corporate Advisory, a South African-based boutique corporate advisory firm, and
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Investor Relations,
About
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company’s portfolio incorporates interests in three underground mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
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