The Cullinan Diamond Mine Image credit: Petra Diamonds
Petra Diamonds, which has mines in South Africa and Tanzania, has put itself up for sale or parts of the business and assets of the group.
This follows a strategic review, which seeks to find ways to repay the group’s $650 million debt.
“It is currently expected that any party interested in participating in the formal sale process will receive certain publicly available information on Petra as part of Phase One, following which interested parties shall be invited to submit their proposals to Rothschild & Co,” said Petra.
“Upon receipt of any proposals, the company and its advisers will determine (at their sole discretion) whether to progress any interested parties into a formal Phase Two sale process.”
It said a formal sale process will require interested parties to enter into a confidentiality agreement with the company on terms satisfactory to the board of Petra and on the same terms, in all material respects, as other interested parties.
“The board of Petra reserves the right to alter or terminate this process at any time and in such an event, the company will make an announcement as appropriate,” it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
