Business
122.52 carat Blue Diamond Sale
122.52 carat Blue Diamond Sale.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 7250R Petra Diamonds Limited 16 September 2014 \n\n \n \n\n\n\n\n16 September 2014\n\n\nLSE: PDL\n\n\n\n\n \n \nPetra Diamonds Limited\n(\"Petra\" or the \"Company\" or the \"Group\")\n \n122.52 carat Blue Diamond Sales and Beneficiation Agreement\n \n \nPetra Diamonds Limited announces that the 122.52 carat blue diamond recovered from the Cullinan mine in June has been sold for a value equivalent to US$27.6 million (US$225,269 per carat) to a beneficiation partnership comprising Petra (15%) and its polishing partner (85%) (who wishes to remain undisclosed). The polishing partner will settle its 85% of the agreed rough sales partnership value, being US$23.5 million, immediately and Petra will record this sum as revenue in its Q1 FY 2015 results. \n \nThe stone will be cut and polished and upon sale of the polished, Petra will receive its 15% share in the proceeds, after beneficiation and related expenses.\n \nJohan Dippenaar, CEO of Petra, commented:\n \n\"We are pleased to have concluded this arrangement which records an excellent sales value for the rough stone, and also gives Petra exposure to the uplift in value post beneficiation. We look forward to providing the market with further information on the stone's journey at the appropriate time in the future.\"\n \nPhotos of the 122.52 carat blue can be viewed at the Company's website:\nhttp://www.petradiamonds.com/media/image-library/diamonds. \n \nA media microsite with images, video footage and further information at:\nhttp://5.148.129.124/petrasite/petrasite.htm.\n \n \nFor further information, please contact:\n \n\n\n\n\nPetra Diamonds, London \n\n\nTelephone: +44 20 7494 8203\n\n\n\n\nCathy Malins \n\n\[email protected] \n\n\n\n\nCornelia Grant\n\n\[email protected] \n\n\n\n\n \n\n\n\n\nBuchanan\n(PR Adviser)\n\n\nTelephone: +44 20 7466 5000\n\n\n\n\nBobby Morse\nLouise Mason\n\n\[email protected]\[email protected]\n\n\n\n\n \n\n\n\n\nRBC Capital Markets\n(Joint Broker)\n\n\nTelephone: +44 20 7653 4000\n\n\n\n\nMatthew Coakes\nJonathan Hardy\n\n\[email protected]\[email protected]\n\n\n\n\n \n\n\n\n\nBarclays\n(Joint Broker)\n\n\nTelephone: +44 20 7623 2323\n\n\n\n\nBertie Whitehead\n\n\nbe...