Daily Management Review

Petra Diamonds’ revenues take a hit after seizure of consignment by Tanzania’s government


10/23/2017


With the Tanzanian government seeking to secure more revenue from its mining sector, it has confiscated a consignment of diamonds alleging under declaration of the value of consignment by almost 50%.



On Monday, London-listed Petra Diamonds Ltd stated, it first quarter revenues have fallen by 17% following the seizure of a consignement of diamonds by the Tanzanian government from its Williamson mine.
 
The company is facing increasing risks from a crackdown by Tanzanian government which is seeking to tap more revenue from the mining sector.
 
The Tanzanian government has confiscated a consignment of diamonds from Petra Diamond’s Williamson mine alleging that the company had under-declared the value of the stones by nearly 50%.
 
Petra has denied the charge.
 
On Monday, Petra Diamonds said its revenues as of September 30 was $78.7 million, and reported a rise in net debts from $555 to $614 million.
 
The company has maintained its full-year production guidance to between 4.8 million carats and 5.0 million carats. 

References:
reuters.com
 







Science & Technology

Tech giants face stricter government regulation in the US

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”