Petra Diamonds holds a 75% interest in Williamson Diamonds Limited, the owner and operator of the Williamson mine in Tanzania, while the remaining 25% is held by the Government of Tanzania.
On 31 May 2023, Petra Diamonds announced that it had entered into definitive transaction documents to implement the MOU from December 2022. This agreement involves the sale of 50% less one share of Petra’s stake in Williamson Diamonds Limited (Williamson) and a prorated portion of shareholder loans for a total of $15 million. The buyer, Pink Diamonds Investments Limited, is affiliated with Taifa, Williamson’s long-term technical services contractor.
Once the transaction and capital restructuring are completed, Petra and Taifa will each hold a 31.5% stake in Williamson, with Petra retaining control. Completion is subject to approvals from Tanzanian authorities, including the Fair Competition Commission, the Bank of Tanzania, and a tax ruling from the Tanzania Revenue Authority.
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