Africa Mining: Petra to restart diamods exports in Tanzania

 

williamson petra
Sorting out a solution: Petra is working to get a significant parcel of diamonds back from the Tanzanian government

Petra Diamonds (LN:PDL) will restart diamond exports from its Williamson mine in Tanzania, but has not been able to get back the 71,654 carats worth of stones taken by the government last month.

 

Petra’s Williamson mine was suspended for four days in September after the government of Tanzania took the diamonds, which had been set for export to the Netherlands.

The miner said it was the subject of a government committee investigation similar to those that have looked into Acacia Mining’s (LN:ACA) gold concentrate operations.

Now Petra has announced negotiations with the government – which owns 25% of Williamson – had brought some gains, with new exports permitted at some point.

“Petra…has received authorisation from the government of Tanzania to resume diamond exports and sales from the Williamson mine,” the company said.

“The exact timing and process for the next diamond parcel export to Petra’s marketing office in Antwerp and subsequent sale will now be finalised between the company and the government.”

Williamson provides 5% of Petra’s annual diamond production, which totalled 4 million carats in the year to June 30.

The miner’s share price was up 11% on the news, although 27% down since the beginning of the September quarter because of labour issues in South Africa on top of the Tanzania problem.(source:Miningjournal)

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