Published On: Fri, Jul 8th, 2016

Petra, Kimberley Ekapa announce joint venture

Petra diamondsJOHANNESBURG, (CAJ News) – PETRA Diamonds has announced Petra and Ekapa Mining have entered into a joint venture agreement.

It combines the respective operations, owned and operated by the joint venture partners in the Kimberley area, into an unincorporated joint venture named the Kimberley Ekapa Mining Joint Venture (KEM JV).

The respective operations comprise Petra’s Kimberley Underground mines, Ekapa Mining’s tailings operations and Kimberley Mines tailings operations.

KEM JV Chief Executive Officer, Johan Dippenaar, said these assets fitted well with the Group portfolio, given Petra’s existing Kimberley Underground operations in the area.

“Importantly, the transaction demonstrates our commitment to ensuring a sustainable future for the diamond mining industry in Kimberley, which will benefit the Kimberley Mines workforce and local community.”

The KEM JV is expected to bring significant synergies to the operations at Kimberley, including the ability to increase throughput and reduce operating costs, thereby extending the operation’s mine life.

Further production guidance will be included in the Company’s FY 2016 Trading Update and FY 2017 Market Guidance announcement, to be released on July 25.

CAJ News

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