Directorate Change

RNS Number : 2048F

Petra Diamonds Limited

19 February 2018

 

19 February 2018

LSE: PDL

Petra Diamonds Limited

("Petra," the "Company" or the "Group")

Directorate Change

Petra Diamonds Limited today announces the following Board changes:

1.   Jim Davidson, Technical Director, is to retire from the Company, effective 30 June 2018.

Mr Davidson (72) has been an Executive Director of the Company since Petra merged with Crown Diamonds (Pty) Ltd ("Crown Diamonds") in 2005. Mr Davidson will remain available to provide advisory services to the Company post his departure, as required.

Adonis Pouroulis, Non-Executive Chairman commented:

"I would like to personally thank Jim for his remarkable contribution, which has seen Petra grow into a leading mid-tier diamond producer. Jim's knowledge of kimberlite geology, his operational expertise and his understanding of how to target the value within each unique diamond orebody, has been integral to Petra's development and has seen our revenue rise from just over US$2 million (at the time that Petra merged with Crown Diamonds in 2005) to US$477 million in 2017. It has been a pleasure to work alongside Jim and to absorb some of the phenomenal knowledge he has built up over a career spanning 45 years in diamonds.  Jim will be missed, but he leaves the Company poised to reach the next level, as we wind down this heavy capital expansion phase and move towards steady state production and cash generation."

Johan Dippenaar, CEO, commented:

"Jim and I have worked together since 1990, when we acquired the first diamond mine, Helam, and from there built up a portfolio of three producing fissure mines as Crown Diamonds, which merged with Petra Diamonds in 2005. It is Jim's technical insight that has enabled Petra to grow into the business that it is today, as he was able to identify opportunities and see value where others couldn't, culminating in our flagship acquisitions of Cullinan and Finsch. Jim's understanding of the entire diamond mining cycle, from exploration, project development and mining, through to plant processing, diamond recovery and finally marketing and sale, has also been instrumental in developing the in-house skills we have within the Petra Group today. I would like to personally thank Jim for his exceptional contribution to Petra - we will continue to build on his legacy."

Jim Davidson, Technical Director, commented:

"The world of diamond mining is well known for being an industry with high barriers to entry, due to the very small number of economic orebodies worldwide. Johan and I first joined forces in 1990 and together built up the successful portfolio of fissure (labour intensive) diamond mines privately, which we listed on the ASX in 2002 as Crown Diamonds, before merging with Petra in 2005. 

 

"Petra then had the right-skill set and backing in place to capitalise on a once-in-a-lifetime opportunity when the restructuring of De Beers enabled Petra to bring into our portfolio a number of high quality assets, including Cullinan, a Tier 1 mine. It has been an honour to assist in the stewardship of these world-class orebodies and put them on the right track to once again become important producers, and at the same time to recover a host of blockbuster gems including the 507 carat white Cullinan Heritage, the 122 carat blue Cullinan Dream, the 29 carat Blue Moon, as well as recently some remarkable pink diamonds from Williamson.

"As I move on, with these mines having been significantly developed and being on the cusp of delivering significant quantities of undiluted ore with accomplished and dedicated teams, I have no doubt these mines will continue to deliver some of the most exceptional diamonds the world has seen. I wish Petra well in the journey ahead and will continue to monitor its progress as a supportive shareholder."

2.   Chief Financial Officer, Jacques Breytenbach, is appointed to the Board as executive Finance Director, effective immediately.

Mr Breytenbach (45) joined Petra in 2006 as Finance Manager - Operations, with responsibility for financial management across the Group's operations. He joined Petra from Anglo Platinum, where he held various roles, culminating in his position as Finance Manager - Capital Projects, with oversight for Anglo Platinum's extensive capital expansion programmes. He is a Chartered Accountant and a member of the South African Institute of Chartered Accountants. 

These changes form part of the Company's three year succession plan (as announced in the FY 2017 Annual Report). Petra's Nomination Committee is continuing to evaluate its optimal Board and Senior Management structures in line with the Company's transition from a capital intensive expansion phase to steady state production and cash generation, and improving its diversity is a strategic imperative. Further developments can be expected in calendar year 2018.

Please see the Appendix for disclosures to be made pursuant to paragraph 9.6.13R(1)-(6) of the Listing Rules.

~ Ends ~

For further information, please contact:

Petra Diamonds, London                                         Telephone: [phone]

Cathy Malins                                                               [e-mail] 

Buchanan                                                                  Telephone: [phone]

(PR Adviser)

Bobby Morse                                                               [e-mail]

Anna Michniewicz                                                       [e-mail]

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in five producing operations: three underground mines in South Africa (Finsch, Cullinan and Koffiefontein), the Kimberley Ekapa Mining joint venture (including the Kimberley Underground mine and extensive tailings retreatment operations) and one open pit mine in Tanzania (Williamson).  It also maintains an exploration programme in Botswana and South Africa.

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base in excess of 300 million carats, which supports the potential for long-life operations.

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities. 

Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. For more information, visit www.petradiamonds.com.

Appendix - Disclosures relating to the appointment of Jacques Breytenbach to the Board

Full Name: Jacques Breytenbach

Mr Breytenbach has not held directorships of any publicly quoted companies in the previous five years.

There are no further disclosures to be made pursuant to paragraph 9.6.13R(1)-(6) of the Listing Rules.

 

END

 

 

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