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Petra parcel blocked

Tanzanian authorities have blocked the export of a 71.6kct parcel of diamonds from Petra's Williamson mine.
September 12, 2017

Is Petra Diamonds (PDL) the latest miner to fall foul of combative Tanzanian authorities? This week, the company said government authorities had blocked the export of a 71,654-carat parcel of diamonds from the Williamson mine and have questioned “certain key personnel” from the site.

IC TIP: Buy at 83p

Petra says it does not know why the authorities have been involved, and that the government has complete oversight of the diamonds produced at the mine. Still, exports and production have been halted. Canaccord Genuity has reduced its adjusted EPS forecast to 4¢ for the year ended June 2017, and 12¢ in 2018.