Request for Load Shedding in South Africa

RNS Number : 2673W

Petra Diamonds Limited

09 December 2019

 

9 December 2019

LSE: PDL

Petra Diamonds Limited

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

Request for Load Shedding in South Africa

Petra Diamonds Limited announces that Eskom, the electricity utility in South Africa, has declared a Power System Emergency and an unprecedented move to Stage 6 load shedding from 6:00pm SAST today, further to a technical fault at the Medupi Power Station which has led to a shortage of capacity.

The Company has therefore received notification from Eskom requesting that it reduce load to Essential Loads Level, with the result that Petra is in the process of halting its mining operations in South Africa (Cullinan, Finsch and Koffiefontein). Production, hoisting and processing have stopped with immediate effect and the Company is now removing all people from underground, except those required for essential services, with only pumping to prevent flooding and ventilation for safety being allowed.

Petra will update the market as soon as it receives further notification as to how long the load curtailment will last, and therefore what impact this is likely to have upon the Company's production performance.

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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.

 

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