Petra Diamonds Solicits M&A Proposals: Open to “Consider Consolidation”

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According to Reuters, Petra Diamonds invited merger and acquisition proposals on Monday, with CEO Richard Duffy saying the industry would benefit from consolidation.

"We have got opportunities to grow organically but given that we are through this restructuring and we have a much more robust balance sheet, we would be willing to consider consolidation if it makes value sense," Duffy told Reuters in an interview on the sidelines of the Investing in African Mining Indaba in Cape Town.

"I think it's healthy for an industry to have smaller and bigger players, but I think the multitude of single-asset companies is difficult," he continued.
Petra has been known recently for its activity surrounding its Williamson mine, which has been suspended temporarily for repairs on the tailings which burst toward the close of 2022.

Source: Reuters