Petra shuts down diamond mining in Sierra Leone
Published on: May 22, 2009 at 12:10
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MUMBAI: It is curtains down for the Kono project of African diamond producer Petra Diamonds Ltd. The company said it has decided to suspend development of its Kono project in Sierra Leone due to weak gem prices.
Petra Diamonds, a London-listed company, said that the project has no carrying value in Petra's balance sheet and therefore there are no impairments to be recognised by Petra with regards to the care and maintenance decision.
The project, a joint venture with Stellar Diamonds Ltd, is at an advanced stage of exploration and underground trial mining has already been undertaken. It has so far produced over 4,400 carats from trial mining.
"This decision will be reviewed by both parties when the rough diamond market improves sufficiently to achieve a more reasonable sales value for the Kono trial mining production," Petra said in a statement.
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