Diamonds and money bills

PETRA DIAMONDS REACHES NEW DEBT AGREEMENT WITH LENDERS

Petra Diamonds has finalised an agreement with its lenders for a waiver of its December 2017 debt, as well as “the covenant concerning its Ebitda for June and December” in 2017, according to Mining Weekly.

 

In February, it was reported that the miner’s profitability during the the six months to 31 December 2017 was “adversely impacted by strike action at certain South African operations in Q1, the inability to sell the blocked Williamson parcel, and the strengthening ZAR against the USD”. Petra reported a net loss of $117.7 million for the six months under review.

 

According to Petra, the talks with banks “centred on the debt arrangement relating to Petra’s Ebitda for December 2017, which has now been waived, and to the covenant concerning its Ebitda for June and December this year, which have been reset under the deal”.

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