Petra Diamonds

The creditors of Petra Diamonds' Finsch diamond mine have approved a restructuring plan that provides for the sale of the mine after restarting operations was deemed unviable. A secured creditor provided a debtor-in-possession (DIP) loan to finance limited safety and securing works on site. Proceeds from the sale will be distributed according to the priority ranking of claims; employee claims will be handled under South African labour law. Petra Diamonds will retain a minimal workforce to safeguard the assets and intends to report on material developments. » Więcej na de.investing.com

Petra Diamonds has initiated a business rescue process for the Finsch mine in South Africa and plans company-wide job cuts due to persistently falling diamond prices. Average selling prices recently fell to $47 per carat at Finsch and $81 per carat at Cullinan, with smaller stones particularly affected. The company has appointed a business rescue practitioner, will launch a Section 189A process to reduce costs, has suspended guidance for 2026–2030, and received waivers from lenders and from more than 50% of holders of subordinated notes. Co‑CEO Juan Kemp is stepping down; Vivek Gadodia will become sole CEO and join the board. » Więcej na de.investing.com

Petra Diamonds reported adjusted EBITDA of $26m for H1 2026 (+73%), while revenue of $100m missed expectations and fell 13%. Production remained steady at 1.24m carats, the average price rose to $104 per carat, and operating costs were reduced through strict cost management. The company recorded a statutory net loss of $90m, strengthened the balance sheet through refinancings and a $25m rights issue, but still holds net debt of $284m (net debt/EBITDA LTM 10.9x). Management sees near-term pressure on smaller diamonds and currency risks, and is prioritizing safety, production increases and margin improvement for the remainder of the year. » Więcej na de.investing.com