Wednesday, September 14, 2011

Petra assumes management of Finsch diamond mine

Petra Diamonds has completed the R1.43-billion acquisition of the Finsch diamond mine in South Africa from De Beers Consolidated Mines and will assume management with immediate effect.

The mine would more than double Petra’s production, adding 1.5-million carats a year to the group’s output, it said on Wednesday.

Petra would boost its production to four-million carats by 2014 and to more than five-million carats by 2019.

Finsch adds an eighth producing mine to the Aim-quoted group, which plans to migrate to the London bourse’s main market.

“Finsch is an ideal addition to our portfolio, contributing a world-class mining operation with exceptional infrastructure, a major carat base and a sustainable, long-life outlook for the duration of our initial 18 year mine plan,” commented CEO Johan Dippenaar.

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