Business
Market Update
Market Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n FOR IMMEDIATE RELEASE\n \n \n \n 1 May 2020\n \n \n LSE: PDL\n \n \n \n Petra Diamonds Limited\n (“Petra”, “the Company” or “the Group”)\n Market Update\n Further to the announcements on 27 March and 9 April 2020, Petra Diamonds Limited announces an additional market update with regards to the impact on the Company of the global COVID-19 pandemic.\n Petra remains focused on taking all actions necessary to support the measures to limit the outbreak of COVID-19 in the countries in which the Company operates and to decrease the threat to our employees, contractors and other local stakeholders. \n The Company is also providing a further update in relation to liquidity, its capital structure and its discussions with relevant financial stakeholders.\n Operations\n South Africa\n On 16 April 2020 the Minister of Minerals and Energy in South Africa announced that mining companies that have been restricted to care and maintenance or scaled down activities are now able to ramp up to a 50% labour capacity during the period of the nationwide lockdown. All of the Company’s South African operations have now ramped up to this level. In addition, on 23 April 2020, President Ramaphosa announced a phased, risk-based approach to lifting restrictions that would commence today, 1 May 2020 – the address to the nation can be accessed here: https://www.gov.za/speeches/president-cyril-ramaphosa-south-africas-response-coronavirus-covid-19-pandemic-23-apr-2020. Details on the impact of this on the Company are still being discussed with the Department of Mineral Resources and Energy (“DMRE”).\n Prior to ramping up production, companies were required to demonstrate that they have Standard Operating Procedures (“SOPs”) in place that comply with the Mineral Council South Africa’s COVID-19 guidelines. In addition, the DMRE has applied a number of conditions to the increase in capacity, relating to health screening and testing, the provision of quarantine facilities for employees who have tested positive for COVID-19, as well as arrangements for transporting employees from their homes to their respective areas of operations. These conditions and the announcement referenced above can be found on the DMRE website: https://www.dmr.gov.za/news-room/post/1853/remarks-by-the-minister-mr-gwede-mantashe-on-the-...