Petra Diamonds has apologized to the Tanzanian government for announcing plans to sell its 75% stake in the Williamson Diamond Mine (WDM) without notifying its partner.
The government has a 25% stake in the mine.
“We were remiss in not advising the government about the formal sale process announcement prior to its release, for which we apologise,” African Mining Market quoted Petra spokesperson Cathy Malins as saying.
Tanzania minerals minister Doto Biteko had reportedly issued a five-day ultimatum to Petra to explain why they reached such a decision without consulting the government.
Tanzania is also said to have cancelled the decision to send home employees due to poor operations in the wake of the Covid-19 pandemic.
Petra, which also has operations in South Africa, recently 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.
The company said that 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.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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