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Gem unlikely to bid for Petra Diamonds assets – report

09 september 2020
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   Image credit: Petra Diamonds


Gem Diamonds is not interested in acquiring assets owned by Petra Diamonds or any other diamond company, according to the firm’s chief executive Clifford Elphick.
Petra Diamonds, which has mines in South Africa and Tanzania, 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.
“There is nothing that is too overwhelming that would cause us to put our best foot forward,” Elphick was quoted as saying by MiningMx when asked for his view on potential consolidation in the diamond sector.
“Petra is in a process, there is no secret about that. We had a look at it because we were approached. They are lovely assets but there is a massive debt pile and everyone looks at this in the same way … We’re near the end of all this.”
Petra agreed last month to dispose of its exploration assets in Botswana through the sale of its wholly owned Sekaka Diamonds Exploration to Botswana Diamonds for $300000.
However, the transaction is not a result of the recent sales process announced on 26 June 2020 as the exploration assets had been classified as 'Assets held for sale' since 30 June 2018.
Petra also said last month that it was yet to receive an offer for its Williamson Diamond Mine, in Tanzania.

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