Petra increases its stake in Cullinan mine to 74%

Petra Diamonds has increased its direct ownership in the Cullinan mine, from its current 37 percent to 74 percent. It acquired the additional stake from Al Rajhi Holdings. Petra has also achieved a previously announced placement to generate gross proceeds of $120 million, reports say. The company believes these developments would generative high lucrative benefits for its shareholders.

The company is aiming to increase its production and position itself as a major rough diamond producer in the world. It has targeted to raise its production from about 1 million carats per year to 2.6 million carats per annum in the next 10 years.

The Cullinan mine has been the source of large, high-quality diamonds, and has been the only reliable source for rare blue diamonds in the world.