Petra Diamonds closing the sale of Koffiefontein

Oct 14, 2024

Koffiefontein diamond 2Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group (S11 consent). Petra anticipates closing this transaction and effecting a smooth handover before the end of October 2024.

Further to the announcement made on 8 April 2024, Petra is pleased to announce that unconditional consent in terms of section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 has been granted for the sale of the entire issued share capital of Blue Diamond Mines (Pty) Ltd to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group (S11 consent). Petra anticipates closing this transaction and effecting a smooth handover before the end of October 2024.

As a result of this transaction, Petra will avoid incurring closure-related costs of US$15-18 million (included in the Company’s 30 June 2024 balance sheet provisions).

Richard Duffy, Chief Executive Officer of Petra, commented, “Since taking the difficult decision to put the Koffiefontein mine on Care & Maintenance and planning for closure of the mine, Petra has remained committed to exploring a responsible exit of the asset. The grant of the S11 consent by the Department of Mineral and Petroleum Resources (DMPR) will allow the Koffiefontein mine to continue with economic activity under new ownership.  We believe this is the best possible outcome for all stakeholders involved and I would like to thank the DMPR for its ongoing support in the approval process.”

You May Also Like

Facebook Feeds

Cover for Heera Zhaveraat
98,152
Heera Zhaveraat

Heera Zhaveraat

Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D

This message is only visible to admins.
Problem displaying Facebook posts.
Click to show error
Error: No posts available for this Facebook ID

Twitter Feeds

hank you SriSriDurgaPooja Bengaluru team for the kind invitation. Blessed to witness Maa Durga Darshan at Bannappa Park, Cubbonpet. Wishing all a joyous Navratri, Durga Pooja & Dusshera. 🌸🙏
– Dr. Chetan Kumar Mehta, CMD, Laxmi Diamonds Bengaluru

hank you SriSriDurgaPooja Bengaluru team for the kind invitation. Blessed to witness Maa Durga Darshan at Bannappa Park, Cubbonpet. Wishing all a joyous Navratri, Durga Pooja & Dusshera. 🌸🙏
– Dr. Chetan Kumar Mehta, CMD, Laxmi Diamonds Bengaluru

The man. The myth. The legend. Immortalized in platinum—rare, resilient & timeless.
The MS Dhoni Signature Edition by Men of Platinum is a tribute to his legacy.
Explore: http://www.menofplatinum.com
#MSDhoni #MenofPlatinum #PlatinumJewellery #MSDhoniSignatureEdition

Save the Date! ✨ JGTD – Jewellery, Gem & Technology in Dubai
📅 Nov 11–13, 2025 | 📍Dubai Exhibition Centre
Discover world-class jewellery, gems & tech innovations.
👉 https://www.jgtdubaijewelleryshow.com/en?utm_source=link&utm_medium=social&utm_campaign=HZ_jgtd25

Load More

HZ is the Official Supporter of :

Member Of

Founder Member Of