Could The Cullinan Diamond Mine Soon Have a New Owner?
Petra Diamonds has announced that its board of directors has decided to seek offers for the company, parts of the business, or its assets. Petra is exploring all options available to it in relation to its $650 million outstanding 7.25% senior secured notes which are due for repayment on 1 May 2022.
Petra Diamonds is the owner of the Cullinan Diamond Mine in the town of Cullinan, South Africa. The Cullinan Diamond Mine (formerly the Premier Mine) is the mine that produced the largest rough diamond ever discovered.
Along with the Cullinan, Petra Diamonds owns the Finsch Diamond Mine, which is South Africa’s 2nd largest diamond mine by production. They also own the Koffiefontein Diamond Mine which has been mined for over 140 years. The Williamson Diamond Mine in Tanzania, also owned by Petra, is known producing high quality fancy colors such as the 23.13 carat Williamson Pink. Any or all of these diamond mines could soon have new owners if a proposal is accepted by Petra’s board.
Parties with a potential interest in making a proposal should contact the company’s advisers, Rothschild & Co.
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Images in this article provided by Petra Diamonds. All rights reserved.
