Kodal Minerals’ Mali lithium mine remains on track for Q1 2025 production
Once in production, the Bougouni project will become the first lithium mine in Mali.
Petra Diamonds has put itself or parts of its business up for sale, the Africa-focussed miner said on Friday, as part of a review the company began in March after being hammered by lacklustre demand and prices for the precious gem.
The company has been in talks with its creditors to shore-up finances as the covid-19 pandemic forced it to scale back operations in a troubled diamond market.
The company has been in talks with its creditors to shore-up finances as the covid-19 pandemic forced it to scale back operations in a troubled diamond market
London-listed Petra said it is seeking offers, but has received none so far and could cancel its decision at any time. Seeking potential buyers offers is a standard part of restructuring processes where the company weighs all options.
The company’s shares closed 3.3% higher at 2.17 pence on Friday before the announcement was made. The stock is down 75% for the year owing to a long list of woes.
Petra had to push back its cash flow and debt reduction targets in February after Chinese demand for diamonds took a hit, while it also works to fix its balance sheet after spending years investing in its flagship mine in South Africa.
(By Pushkala Aripaka; Editing by Shailesh Kuber)
Comments