African investment South African miner Petra Diamonds has signed a deal to sell a 75.9% stake in the Kimberley Ekapa Mining joint venture to the company’s partner Ekapa Mining for about ZAR 300 million ($22 million).
Kimberley Ekapa Mining is a joint venture between Petra and Ekapa Mining, and focuses on mining in the South African town of Kimberley.
"The rationale for the Disposal is to ensure a sustainable future for KEM JV by placing the operation under the sole stewardship of an operator best suited to maximise its value," Petra Diamonds said in a statement. "Ekapa Mining's extensive experience of operating specifically within Kimberley and its ability to solely focus on these assets is expected to provide the right fit for the operation, thereby ensuring continuation of diamond mining employment and related economic activity in this renowned diamond centre."