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Miningmx reports that according to the National Union of Mineworkers (NUM), Petra Diamonds is planning to cut 150 jobs at its Koffiefontein mine in Free State.
“The NUM Kimberley Region can confirm that it had received Section 189 notice of restructuring/retrenchments from the Koffiefontein Diamond Mine. The company is reporting that approximately 150 jobs may or are impacted by this restructuring or retrenchment,” the union indicated in a statement. Petra Diamonds has yet to confirm the union’s advice. The UK-listed firm said in February it had turned the corner following a revival in rough diamond prices, as well as self-help efforts aimed at reducing net debt. “With the strong recovery in the diamond market and the actions we have taken, Petra is now also well placed for the future,” said CEO Richard Duffy. Commenting on Koffiefontein, the producer indicated in its interim results presentation that the mine was expected to reach its end of life in depleting available reserves by the firm’s 2025 financial year. A restructuring was among the possibilities for the mine given it was losing money.
- Read the full original of the report in the above regard by David McKay at Miningmx
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