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
 







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