Petra Diamonds Ltd
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 well-diversified portfolio, with interests in eight producing mines in Africa and an exploration programme in Botswana. Petra markets and sells its rough diamond production in Johannesburg (South African goods) and Antwerp (Tanzanian goods).
Petra conducts all its operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process.
In 1997, Petra listed on the London AIM exchange with a market capitalisation of £10 million.
In 1998, Petra made new kimberlite discoveries in Angola – over the coming years, a sizeable kimberlite field was identified at Alto Cuilo.
In 2004, Petra entered into a joint venture with BHP Billiton to continue exploration at Petra’s Angolan projects.
In 2005, Petra merged with Toronto-exchange quoted Crown Diamonds, introducing three producing diamond mines to the Group (the fissure mines: Helam, Sedibeng and Star). Petra acquired Kalahari Diamonds (exploration arm in Botswana).
In 2007, Petra acquired the Koffiefontein mine in South Africa, and In 2008, Petra acquired an initial 37% interest in the Cullinan mine in South Africa, and the Williamson mine in Tanzania. Petra withdrew from exploration activities in Angola further to the global economic downturn and a strategic decision to focus on cash generative production.
In 2009, Petra raised $120 million via an equity fundraising – the new funds enabled Petra to increase its ownership in Cullinan to 74%.
in 2010, Petra’s annual production rose to over 1 million carats, and also acquired the Kimberley Underground mine in South Africa.
In 2011, Petra raised $325 million via an equity fundraising. The majority of the funds raised were used to acquire the Finsch mine in South Africa. Petra stepped up from AIM to the Main Market of the London Stock Exchange.
In 2012, Petra’s production doubled to 2.2 million carats. The company commenced a process to sell the fissure mines, which are no longer core to the Group’s portfolio.