Market NewsNewsPetra secures new debt agreements

Petra secures new debt agreements

Petra Diamonds said on Tuesday that it has finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements for this year, Reuters reported.

The London-listed miner started talks with its banks earlier this year after the confiscation of a consignment of its diamonds by Tanzania and a labor strike at its South African mines put it at risk of falling short of its loan obligations, said the Reuters report.

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