Petra tosses company sale after debt-for-equity deal

Miner posted a net loss of $984,928, compared to a $663,145 loss a year earlier, due to an increase in costs of developing its Tongo-Tonguma diamond project in eastern Sierra Leone.

Figures takes proceeds from Lulo diamonds sales so far this year to $10.8 million, at an average price per carat of $1,731.

“We want to grow to be an at least 1-million-ounce-a-year producer with three to four operations,” said Chief Executive Ron Hochstein at PDAC.

Angola is one of the world’s top 5 diamond producers, but much of the territory remains under-explored due to 27 years of civil war.

Australia’s corporate watchdog has launched court action against the company, former chief executive Tom Albanese and chief financial officer Guy Elliott.

"Our optimistic outlook for the rand will shift our existing positive view on South African gold miners over the coming years," says the market research firm.

Funding for the project has not been secure yet, though the miner is in talks with Newfield Resources over a possible offer.

The deal includes the New Vaal, New Denmark and Kriel mines, as well as various mine life extension projects.

Zimbabwe is keen to attract investment after Mugabe era and is already Africa's top lithium producer.