Petra has commenced the disposal process of its fissure mine operations, namely the Helam, Sedibeng and Star mines in South Africa.
Group chief executive Johan Dippenaar said last July that the fissure mines were no longer core to Petra Diamonds.
QuestCo, a South Africa-based corporate finance adviser with prior experience in the sale of other diamond assets in the country, had been appointed to manage the sale process.
Petra said It said in a statement emailed to Rough & Polished that it was of the view that the fissure mines presented a “rare” opportunity to purchase high quality, sustainable kimberlite operations that would be exploited optimally in the hands of an operator or operators to whom they would be core assets.
Helam, Sedibeng and Star were well-established fissure mines that had been in operation for more than 50 years, it said.
The fissure mines were renowned for the consistent production of high value stones.
The average value per carat of the fissure mines was high for kimberlite operations, ranging across each of the mines from $150 to $500 per carat during the financial year 2012.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
