EXPLORATION & DEVELOPMENT

Cash-strapped Petra finds 20ct blue stone

Petra Diamonds has found a 20 carat blue gem at its Cullinan mine in South Africa.

Staff reporter
Petra's latest big blue diamond

Petra's latest big blue diamond

"Today's recovery not only demonstrates the quality of Petra's asset base, as the Cullinan diamond mine remains a significant source of rare blue diamonds, but it again confirms the prevalence of exceptional stones in the Cullinan orebody as well as the ability of the mine's plant to recover the full spectrum of diamonds," Petra said on Monday.

Blue diamonds have become one of the world's most sought-after gems in recent years. The 14.62 Oppenheimer Blue diamond fetched $50.6 million in May 2016, which at the time made it the most expensive jewel ever sold at auction.

The Cullinan diamond mine provided the two main polished diamonds in Britain's crown jewels.

Petra said it would report production and sales results for the third quarter on October 21. The firm has struggled of late with high debt and weakening demand for luxury goods.

Petra shares were trading at 8p on Tuesday, down from 44.9p in January. In 2016, the company's shares were worth 103.8p. The company's market capitalisation is £69.4 million. 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.