Tribe Technology set to deliver healthy pipeline of orders from Tier-One miners. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPetra Diamonds Share News (PDL)

Share Price Information for Petra Diamonds (PDL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 40.00
Bid: 40.10
Ask: 41.90
Change: 0.00 (0.00%)
Spread: 1.80 (4.489%)
Open: 40.00
High: 0.00
Low: 0.00
Prev. Close: 40.00
PDL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-South African mines grind to halt as floods worsen power crisis

Tue, 10th Dec 2019 09:46

* Power crisis at state firm Eskom damaging economy

* Miners including Harmony, Impala Platinum, Sibanye hit

* Energy-intensive deep mines forced to halt production
(Adds Ramaphosa cuts short Egypt trip, paragraph 8)

By Helen Reid

JOHANNESBURG, Dec 10 (Reuters) - Mines across South Africa
are shutting down after flash flooding caused the largest power
blackouts in more than a decade, threatening a key export sector
in a further blow to the country's already slowing economy.

Heavy rains across parts of South Africa have submerged
whole neighbourhoods, leading to mass evacuations and
aggravating problems at state-owned utility Eskom, which has
been struggling to keep the lights on since 2008.

Harmony Gold, Impala Platinum, and
Sibanye-Stillwater all said they had been forced to cut
production since Monday owing to power shortages.

"There are very few underground mines that operated
overnight and will be operating normally today," said a
spokesman for the Minerals Council, an industry body.

The mining industry contributed 350.8 billion rand ($23.85
billion) to the South African economy in 2018, according to the
Minerals Council, around 7% of gross domestic product (GDP).

Eskom said on Tuesday it planned more load-shedding, a South
African term for planned power cuts, having cut up to 6,000
megawatts (MW) from the national grid on Monday after flooding
triggered failures at its Medupi coal fired plant.

President Cyril Ramaphosa cut short a state visit to Egypt
in order to meet Eskom officials, local news agency EWN said on
Tuesday. The presidency did not immediately respond to a request
for comment.

"The ongoing load shedding is devastating for the country
... causing our economy great harm and disrupting the lives of
citizens," Ramaphosa said in a statement earlier on Tuesday.
"The energy challenges in this country will not be resolved
overnight."

Eskom's chief operations officer Jan Oberholzer told the
eNCA news channel that the crisis was "manageable" with 4,000 MW
of Monday's outages attributable to the flooding.

"The outlook for this week is to maintain load shedding
because of the weather, because of the coal handling challenges
that we've got," he said.

SHUTDOWN

Harmony Gold called off its underground shifts, saying they
would resume as soon as Eskom could provide assurances the power
supply would be more reliable, while Impala Platinum stopped
production at its Rustenberg and Marula mines after it was left
functioning at 20%-30% of normal power.

It later added that losses had already amounted to 120
million rand.

"We certainly can't risk any attempt at production with this
level of power," a spokesman for the platinum miner said.

Anglo American said its operations had been
affected but gave no further details. The company mines coal,
diamonds, iron ore, and platinum in South Africa through its
businesses De Beers, Kumba Iron Ore and Anglo American
Platinum.

Sibanye-Stillwater shut all its deep-level mines on
Monday but was aiming to send miners back underground for the
afternoon shift on Tuesday at 1400 GMT.

A Gold Fields spokesman said the impact on its
South Deep mine has been 'limited' so far, but prolonged power
cuts at the current frequency would present challenges.
Petra Diamonds Ltd said on Monday it was in the
process of halting operations at its Cullinan, Finsch and
Koffiefontein mines in South Africa after Eskom asked the miner
to reduce its electricity load.

($1 = 14.7075 rand)

(Writing and additional reporting by Tim Cocks in Johannesburg.
Editing by Kirsten Donovan)

More News
16 Sep 2020 11:59

Petra recovers 5 blue diamonds; warns over possible equity dilution

(Sharecast News) - Petra Diamonds said on Wednesday that it has recovered five blue diamonds at its Cullinan mine in South Africa, as it warned that measures to improve its capital structure could result in significant equity dilution.

Read more
9 Sep 2020 17:38

Petra Shares Slide Amid UK Court Claim Over Alleged Human Rights Abuse

Petra Shares Slide Amid UK Court Claim Over Alleged Human Rights Abuse

Read more
9 Sep 2020 09:32

Petra Diamonds hit by accusations of human rights breaches

(Sharecast News) - Petra Diamonds said on Wednesday that UK-based law firm Leigh Day has filed claims against it alleging human rights breaches at its 75%-owned Williamson mine in Tanzania.

Read more
12 Aug 2020 15:15

RPT-From carats to peanuts: how a pandemic upended the global diamond industry

(Repeats to additional subscribers with no changes to text)* Global diamond supply chains convulsed by pandemic* Diamond polishers in India switch to farming* Miners seek new supply deals to boost margins* Mines from Canada to Lesotho still shuttered...

Read more
12 Aug 2020 14:36

RPT-From carats to peanuts: how a pandemic upended the global diamond industry

(Repeats to additional subscribers, no changes to text) * Global diamond supply chains convulsed by pandemic * Diamond polishers in India switch to farming * Miners seek new supply deals to boost margins * Mines from Canada to L...

Read more
12 Aug 2020 14:25

RPT-From carats to peanuts: how a pandemic upended the global diamond industry

(Repeats story with no changes to text) * Global diamond supply chains convulsed by pandemic * Diamond polishers in India switch to farming * Miners seek new supply deals to boost margins * Mines from Canada to Lesotho still shu...

Read more
12 Aug 2020 12:45

From carats to peanuts: how a pandemic upended the global diamond industry

* Global diamond supply chains convulsed by pandemic * Diamond polishers in India switch to farming * Miners seek new supply deals to boost margins * Mines from Canada to Lesotho still shuttered By Helen Reid, Tanisha Heibe...

Read more
23 Jul 2020 18:02

UK TRADING UPDATE SUMMARY: Gear4music Strikes Right Note As Sales Jump

UK TRADING UPDATE SUMMARY: Gear4music Strikes Right Note As Sales Jump

Read more
23 Jul 2020 11:56

Covid crisis hits production and revenue at Petra Diamonds

(Sharecast News) - Petra Diamonds updated the market on the year ended 30 June on Thursday, reporting a 7% fall in production to 3.59 million carats.

Read more
20 Jul 2020 13:49

UK TRADING UPDATE SUMMARY: Botswana Diamonds Buys Sekaka From Petra

UK TRADING UPDATE SUMMARY: Botswana Diamonds Buys Sekaka From Petra

Read more
20 Jul 2020 08:59

Petra Diamonds sells Botswana assets, keeps ongoing royalty

(Sharecast News) - Petra Diamonds has agreed to dispose of its exploration assets in Botswana, it announced on Monday, via the sale of all of its holding in Sekaka Diamonds Exploration, previously known as Petra Diamonds Botswana, to Botswana Diamonds.

Read more
15 Jul 2020 09:49

UK BROKER RATINGS SUMMARY: Goldman Starts Glencore With Buy Rating

UK BROKER RATINGS SUMMARY: Goldman Starts Glencore With Buy Rating

Read more
8 Jul 2020 09:50

UK BROKER RATINGS SUMMARY: Goldman Cuts Rio Tinto To Neutral From Buy

UK BROKER RATINGS SUMMARY: Goldman Cuts Rio Tinto To Neutral From Buy

Read more
1 Jul 2020 18:18

UK EXECUTIVE CHANGE SUMMARY: New CFOs At Ideagen And Bioventix

UK EXECUTIVE CHANGE SUMMARY: New CFOs At Ideagen And Bioventix

Read more
29 Jun 2020 13:45

Monday broker round-up

(Sharecast News) - Balfour Beatty: Jefferies downgrades to hold with a target price of 260.0p.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.