Business rescue practitioners (BRPs) Daniel Theodorus van Jaarsveld and Luke Bernard Saffy have taken over the custodianship of London-listed Petra Diamonds’ Finsch mine, in South Africa, and will now begin executing the legal requirements under the business rescue process, including the formulation of a Finsch-specific business plan that will be put forward to the creditors for voting.
Petra in May announced that it would place the mine in business rescue in order to protect the rest of the business. At the time, the company said it believed the business still had a viable future, given its Cullinan mine’s unique product mix.
Petra reports in a June 10 update to shareholders that, in agreement with the BRPs, the Finsch mine has started suspending production activities from this week. “This is an interim step pending the completion of the Finsch-specific business plan by the BRPs and until the way forward has been agreed between the BRPs and the creditors,” the company states.
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