Petra Diamonds launches strategic review, including potential sale

By Reuters News

Oct 1 (Reuters) - Petra Diamonds PDL.L said on Thursday it plans to undertake a strategic review that could include a potential sale, as the miner navigates lower diamond prices, geopolitical uncertainty and operational challenges at a major mine.

  • The London-listed company also announced that José Manuel Vargas has stepped down as chair and will be replaced by insider Lerato Molebatsi on an interim basis.

  • The review will consider all potential paths to address its liquidity needs, the company said.

  • Vargas oversaw Petra Diamonds through its refinancing in 2025.

  • A slump in global diamond prices and a rise in the popularity of synthetic diamonds have been a major drag on miners

  • Finsch, one of Petra Diamonds' major mines, was placed into business rescue in May.

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