{"id":28163,"date":"2024-10-08T17:30:00","date_gmt":"2024-10-08T12:00:00","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=28163"},"modified":"2024-10-11T16:00:17","modified_gmt":"2024-10-11T10:30:17","slug":"petra-diamonds-secures-approval-for-koffiefontein-mine-sale","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/petra-diamonds-secures-approval-for-koffiefontein-mine-sale\/","title":{"rendered":"Petra Diamonds Secures Approval for Koffiefontein Mine Sale"},"content":{"rendered":"<p>Petra Diamonds has received the green light from the South African government to proceed with the sale of its Koffiefontein mine. The Department of Mineral and Petroleum Resources (DMPR) has granted unconditional consent for the transfer of ownership to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group.<\/p>\n<p>The sale is expected to be finalised by the end of October 2024, bringing an end to Petra\u2019s involvement in the mine. The company had previously announced plans to place the mine on care and maintenance and eventually close it due to operational challenges.<\/p>\n<p>Petra\u2019s Chief Executive Officer, Richard Duffy, expressed satisfaction with the outcome, stating, \u201cSince taking the difficult decision to put the Koffiefontein mine on care &amp; 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 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.\u201d<\/p>\n<p>The transaction is anticipated to save Petra between $15 and $18 million in closure-related costs, a positive development for the company\u2019s financial position.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petra Diamonds has received the green light from the South African government to proceed with the sale of its Koffiefontein mine. The Department of Mineral and Petroleum Resources (DMPR) has granted unconditional consent for the transfer of ownership to Koffiefontein Holdings (Pty) Ltd, an affiliate of the Stargems Group. The sale is expected to be&hellip;<\/p>\n","protected":false},"author":1,"featured_media":28166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-28163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Petra Diamonds Secures Approval for Koffiefontein Mine Sale - Diamond jewellery magazine<\/title>\n<meta name=\"description\" content=\"Solitaire International Magazine: Get the best diamond jewellery magazines in India. 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