Petra sales Helam Diamond Mine
Helam has the potential to be a small-scale sustainable Petra Diamonds Limited announces that it has entered into a Sale of Shares and Claims Agreement with regards to the disposal of the Company's and its black economic empowerment partners' interest in Helam Mining Pty Ltd, is a Diamond Mine in South Africa owned by Petra Diamonds, to Lindleys Mining Pty Ltd for a nominal consideration of ZAR200 million with immediate effect. The Helam mine was put on care on maintenance by the Company during FY 2015, following previous attempts to source a suitable purchaser, and no mining activities have been conducted by Petra since then. The rationale for the disposal is to support the South African Government’s intention to prolong the lives of mines facing closure by facilitating opportunities for emerging miners to the benefit of entrepreneurs, host communities and local employment. The disposal is also in line with Petra’s strategic priorities, which include that...