Petra Diamonds Into abeyances work at Tanzanian mine after diamond shipment blocked
Shares in the FTSE 250 staunch fell 5¼p to 84¾p after diamonds from its 75 per cent owned Williamson read were blocked from export to its office in Antwerp.
“Key personnel” from Williamson are being doubted by the authorities, although the company said it had not been informed of the grounds of the deed.
Petra said: “All operations related to the mine are conducted in a transparent good form and in full compliance with legislation in Tanzania.
«The government has complete charge of the diamonds produced at the mine, which are physically controlled by a number of exceptional government representatives in conjunction with Petra from the point of recapture until the point of sale.»
It continued: «Petra is not responsible for the provisional valuation of diamond deal outs from Williamson before they are exported to Antwerp; this is captured out by the government’s Diamonds and Gemstones valuation agency.
Shares in the FTSE 250 tight fell 5¼p to 84¾p
«This provisional valuation is used to calculate the business’s provisional royalty payments to the government, however adjustments to final queenship payments based on the actual sales proceeds for the diamonds, once sold in Antwerp, are then blow up b coddled at the end of the tender process.
«The competitive open tender process utilised by Petra is also adapted to by several other diamond mining companies and has a proven track record of candid price discovery.»