Petra Diamonds said today it has appointed joint CEOs to replace Richard Duffy, who has resigned "by mutual agreement and with immediate effect" amid a wider loss of $69m for the half-year to December 2024.
The diamond miner said in a statement it has appointed Chief Restructuring Officer Vivek Gadodia and Juan Kemp, the operations executive at its Cullinan mine in South Africa, as joint CEOs on an interim basis.
Petra today reported a wider loss of $69m in the six months to December 2024, compared to an $11m loss during the same time the previous year, on the back of a prolonged period of weakness in the diamond market.
Its net debt increased to $215m as of December 31, from $193m at the end of June 2024 due to diamond market weakness and the timing of tender sales.
Petra said its operational free cash inflow improved to $16m at the close of the first half, compared to a negative $21 outflow previously, following a cost reduction programme.
The company has been restructuring its operations to cut costs and sold its interest in Koffiefontein last October. In January, it also agreed the sale of the Williamson mine in Tanzania for about $16m.
This leaves Petra with the iconic Cullinan mine, where the largest ever gem-quality diamond was recovered 120 years ago, and the Finsch mine in South Africa's Northern Cape province in its portfolio.
