Struggling Petra Sells off its Sekaka Exploration Vehicle
December 02, 20
(IDEX Online) - Struggling Petra Diamonds has completed the sale of its exploration vehicle Sekaka.
It's been bought by rivals Botswana Diamonds, which will benefit from the high-grade KX36 kimberlite pipe 260km north-west of Gaborone, in the Kalahari, as well as a fit-for-purpose kimberlite processing plant and an extensive diamond exploration database.
Botswana Diamonds believes the database will provide substantial support to its future kimberlite exploration activities in a country that makes a fifth of its revenue from diamonds.
"We are delighted that this acquisition has now closed," chairperson John Teeling. "This paves the way to explore commercial development option for KX36 and begin to evaluate the extensive database in conjunction with ours to discover more kimberlites in prime diamond real estate."
The sale of Sekaka comes at a difficult time for Petra, which withdrew from a proposed sale last month, opting instead for a debt-for-equity restructuring as it battles mounting debts and a slump in revenue.
Pic courtesy Petra shows a bulk sampling plant at the KX36 site.