Petra to buy Koffiefontein

PETRA Diamonds Ltd is in advanced talks with De Beers to buy its South African Koffiefontein mine, which it closed down earlier this year.

Petra said it expected to sign a formal agreement in the near future, adding the mine would add significant production to the group.

The AIM-listed diamond mining company on Wednesday posted a loss before depreciation, amortisation and foreign exchange movements of $605,315 in the first quarter to September 30, compared to a loss of $698,726 in the three months to June 30.

Revenue was $4.5 million for the first quarter, compared with $6 million the three months before.