Market NewsNewsPetra says to raise $178 mn to cut debt

Petra says to raise $178 mn to cut debt

Mining firm Petra Diamonds said on Thursday it would raise $178 million from investors to cut debt after it was hobbled by a strong South African rand, delays in production, strikes and a confiscated consignment of diamonds, Reuters reported.

Its London-listed shares sank 14 percent to 65 pence by 0907 GMT, according to the Reuters report.

Workers at Petra’s South African operations downed tools in September over wages and the Tanzania government confiscated a consignment of diamonds, which has still not been returned, the Reuters report said.

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