Petra withdraws interest at KEM JV
Completion of Disposal of Interest in Kimberley Ekapa Mining Joint Venture (KEM JV) Petra Diamonds Limited announces that the disposal of the Company’s and its black economic empowerment (BEE) partners' 75.9% interest in the KEM JV to the Company’s joint venture partner Ekapa Mining (Pty) Ltd (Ekapa Mining) for a cash consideration of ca. ZAR300 million, as previously announced on 5 July 2018, completed following all conditions precedent in the terms of the agreement having been met. KEM JV was a joint venture between Petra and its partner Ekapa Mining and incorporates the Kimberley Underground mine, extensive tailings retreatment programmes and the high volume Central Treatment Plant – all located in or around the historic diamond mining centre of Kimberley in South Africa. The Disposal is on a going concern basis, with Ekapa Mining taking on all of the Company’s financial, employee, environmental, health, safety and social obligations with regards to the KEM JV