Business
Update re. Operations in Tanzania
Update re. Operations in Tanzania.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 3002Q Petra Diamonds Limited 11 September 2017 \n\n \n \n \n \n \nThis announcement contains inside information \n \n\n\n\n\n11 September 2017\n\n\n LSE: PDL\n\n\n\n\n \n \nPetra Diamonds Limited\n(\"Petra\" or the \"Company\" or the \"Group\")\n \nUpdate re. Operations in Tanzania\n \nReports have recently appeared in the media about the findings of an investigation into the Tanzanian diamond sector by a parliamentary select committee in Tanzania. In connection with this,\nPetra confirms that a parcel of diamonds (71,654.45 carats) from the Williamson mine in Tanzania has been blocked from export to Petra's marketing office in Antwerp and certain key personnel from Williamson are currently being questioned by the authorities. However the grounds upon which these actions have been taken have not been formally made known to the Company as yet.\n \nThe Williamson mine is held 75% by Petra and 25% by the Government of the United Republic of Tanzania (the \"Government\"), and Petra confirms that all operations related to the mine are conducted in a transparent manner and in full compliance with legislation in Tanzania and the Kimberley Process. The Government has complete oversight of the diamonds produced at the mine, which are physically controlled by a number of different Government representatives in conjunction with Petra from the point of recovery until the point of sale. \n \nPetra is not responsible for the provisional valuation of diamond parcels from Williamson before they are exported to Antwerp; this is carried out by the Government's Diamonds and Gemstones valuation agency. This provisional valuation is used to calculate the Company's provisional royalty payments to the Government, however adjustments to final royalty payments based on the actual sales proceeds for the diamonds, once sold in Antwerp, are then made at the end of the tender process. The competitive open tender process utilised by Petra is also used by several other diamond mining companies and has a proven track record of transparent price discovery.\n \nThe following documentation relating to the aforementioned parcel can be viewed on the Company's website at www.petradiamonds.com/our-operations/our-mines/williamson/diamond-parcel-documentation: \n·&n...