Mining and Exploration
11/10/2024 10:54
Petra Diamonds is looking to close the sale of its Koffiefontein mine to Stargems Group before the end of October. The company got approval from South Africa’s Department of Mineral and Petroleum Resources to sell its share in Blue Diamond Mines to Koffiefontein Holdings, an associate of Stargems Group.
Petra initiated the sale in April and will avoid 15 to 18 million dollars of closure costs after months of carrying the costs for care and maintenance. The CEO of Petra Diamonds, Richard Duffy, says that the Koffiefontein mine was planning for closure, but Petra was committed to exploring the possibility of passing it on. Under the new owner, the Koffiefontein mine will continue its activity.
Stargems has purchased three mines since 2022: Jagersfontein, Rooipoort, and now Koffiefontein. All three are located in South Africa.
Photo credits: Petra Diamonds
