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Petra recovers five blue diamonds at Cullinan

21 september 2020
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  Image credit: Petra Diamonds


LSE-listed Petra Diamonds has unearthed five Type IIb blue diamonds at the Cullinan mine in South Africa. 
The diamonds recovered were 25.75, 21.25, 17.57, 11.42, and 9.61 carats in size.
They were assessed to be individual stones and not originally part of one larger diamond.
Blue diamonds are rare that there are no official statistics on their recovery, however, the Cullinan mine is known as the world’s most important source.
“The last blue diamond of significance was recovered a year ago at the mine in September 2019 and it is therefore even more unusual to recover five high-quality stones around the same time, all in the space of one week’s production,” said Petra Diamonds.
“Given the challenges presented by the COVID-19 pandemic, the company is maintaining a flexible approach to sales. It is therefore still evaluating the optimal route to market for the stones...”
It said although the recoveries were a positive development, they will not have a material impact on the likely terms of the required long term solution to improve its capital structure, nor the significant level of equity dilution that existing shareholders are likely to experience in connection with its implementation.
Meanwhile, Petra said it is still in discussions with the Ad Hoc Group of holders of the group's senior secured second lien notes (AHG) and also with the South African lender group regarding a long term solution to improve its capital structure.
The group said although it continues to have constructive engagement with the AHG and the lender group, there can be no certainty that these discussions will result in an agreement being reached.
The company’s $650 million loan notes are due in 2022.

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