Organisational Restructure

RNS Number : 6341T

Petra Diamonds Limited

15 November 2019

 

15 November 2019

LSE: PDL

Petra Diamonds Limited

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

Organisational Restructure

Petra Diamonds Limited announces that in order to provide effective support to the Company's operations and to facilitate the rapid execution of Project 2022, a number of organisational changes have been put into effect.

With all operations having transitioned into steady state operational performance, the Company has implemented a flatter management structure, with the mines now reporting directly to the Chief Executive. The restructuring has resulted in the removal of the Chief Operating Officer role and therefore, through mutual agreement, Luctor Roode is leaving the Company to pursue other interests, with immediate effect.

Richard Duffy, Chief Executive, commented:

"Luctor has been instrumental in leading the operations' transition to steady state operational performance following a long period of capital investment across our mines and I would like to thank him for his significant contribution to the Company over the last eight years. He leaves Petra at a time when the Company is delivering solid and consistent production results across the operations and I am certain that he will be successful in his future endeavours. We wish him well."

~ Ends ~

For further information, please contact:

Petra Diamonds, London                                         Telephone: [phone]

Cathy Malins

Des Kilalea     

Marianna Bowes                                                         [e-mail]

Buchanan                                                                  Telephone: [phone]

(PR Adviser)

Bobby Morse

Ariadna Peretz                                                            [e-mail]

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit producing mine in Tanzania (Williamson). Petra also conducts a limited 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 of ca. 250 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. The Company's US$650 million loan notes due in 2022 are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.

 

END

 

 

MSCUVAVRKUAAAAA