Petra Diamonds (LON:PDL) climbed on Thursday after the miner said it had sold its stake in the Kimberley Ekapa Mining joint venture to its to its namesake partner, Ekapa Mining, for about 300 million rand ($22 million).
London-listed shares in the South African diamond producer, which have more than halved in the last two years, jumped 3.64% to 55.45 pence by 1:42 PM local time.
The sale of its 75.9% stake in the operation, which focuses on mining in South Africa’s Kimberley town, will allow Petra to focus on its Finsch and Cullinan diamond mines.
The transaction would also help the miner reduce operational risk and shore up its finances.
More to come…
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From:: Infomine