Petra Diamonds is yet to receive an offer for its Williamson Diamond Mine, in Tanzania two months after it announced plans to sell its assets, according to the local media.
The diamond miner was quoted by The Citizen as saying that it will engage its stakeholders, who include the government, when it gets an offer for its 75% stake in the Mwadui-located mine.
The Tanzanian government had allegedly stopped the company’s plans to sell the Williamson Diamond Mine as it had made the announcement without consulting it despite being a 25% shareholder.
It also annulled Petra’s decision to send home employees due to weak business performance in the wake of the Covid-19 pandemic.
Petra, which also has operations in South Africa, put itself up for sale or parts of the business and assets of the group in June this year.
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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