Petra granted Koffiefontein mining right

Petra granted Koffiefontein mining right

Petra Diamonds subsidiary Blue Diamond Mines has been granted the mining right for the Koffiefontein diamond mine by the South African Department of Minerals and Energy, the group said today.

Earlier this week, Petra conditionally agreed to buy the mining and associated capital assets previously used by De Beers in the operation of the Koffiefontein mine in the Free State province.

The AIM listed company has concluded a joint venture agreement with its Koffiefontein Black Economic Empowerment (BEE) partners, with BDM taking a 70% stake in the JV.

“The acquisition of the Koffiefontein mine is a key addition to Petra’s asset base and is in line with our strategy of increasing the group’s production profile,” said Petra CEO Adonis Pouroulis.

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