Petra mulls ‘responsible’ exit from Koffiefontein diamond mining operations

Petra Diamonds is exploring a responsible exit from its investment in the Koffiefontein diamond mining operations in South Africa.
The Koffiefontein mine has a current mine plan for the fiscal year 2025 and a process of right-sizing the operation, which is likely to involve a reduction in employee headcount, has begun.
This process, it said, seeks to provide for sustainable operations at the mine until the end of its mine plan.
“Given the gross resource base of about 5.25 million carats as of 30 June 2021, including 1.11 million carats in the indicated resource category associated with underground resources, it may be feasible for another owner to extend the mine’s life,” said Petra in a note.
“The focus of this disposal process will be to identify a technically and financially suitable buyer that could potentially unlock further value from Koffiefontein.”
If a suitable buyer is not identified through this process, the miner said it would be committed to operating the mine responsibly following its current life of mine plan before proceeding with a decommissioning, rehabilitation and closure programme.

Mathew Nyaungwa, Editor in Chief of the African Bureau, in Zimbabwe, Rough&Polished