R/€ = 19.23 Change: -0.07
R/$ = 17.00 Change: 0.00
Au 1786.65 $/oz Change: 11.35
Pt 824.66 $/oz Change: 9.61
 
 
R/€ = 19.23 Change: -0.07
R/$ = 17.00 Change: 0.00
Au 1786.65 $/oz Change: 11.35
Pt 824.66 $/oz Change: 9.61
 
 
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Miner Petra Diamonds puts up 'for sale' board

26th June 2020 BY: Reuters

Petra Diamonds has put itself or parts of its business up for sale, the Africa-focused miner said on Friday, as part of a review the company began in March after being hammered by lacklustre demand and prices for the precious gem.

The company has been in talks with its creditors to shore-up finances as the Covid-19 pandemic forced it to scale back operations in a troubled diamond market.

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London-listed Petra said it is seeking offers, but has received none so far and could cancel its decision at any time. Seeking potential buyers offers is a standard part of restructuring processes where the company weighs all options.

The company's shares closed 3.3% higher at 2.17p on Friday before the announcement was made. The stock is down 75% for the year owing to a long list of woes.

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Petra had to push back its cash flow and debt reduction targets in February after Chinese demand for diamonds took a hit, while it also works to fix its balance sheet after spending years investing in its flagship mine in South Africa. 

EDITED BY: Reuters
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