FinnCap maintains Petra Diamonds at 'buy' rating on joint venture news
Updated : 10:07
Petra Diamonds had its ‘buy’ rating and target price of 197p maintained on Friday by FinnCap after the miner announced a joint venture with Ekapa Mining.
Petra and Ekapa Mining plans to combine its operations in Kimberley, South Africa, including the Kimberley underground mine and the Kimberley and Ekapa tailings retreatment operations.
“This has allowed the old plants at Kimberley mine to be closed with all processing henceforth to use the new Combined Treatment Plant (CTP),” said FinnCap analyst Martin Potts.
The effective date of the joint venture agreement is 1 July.
Shares rose 0.44% to 113.75p at 1007 BST.