Monday, 11 September 2017

Petra Diamonds shares drop 7% as Tanzania continues sector crackdown

Petra Diamonds shares have fallen 7% after it said a parcel of its diamonds mined in Tanzania had been blocked from export by the country's government.

Several of its employees are being questioned by the country's authorities, although Petra says it has not formally been told the reasons why.

Petra has also suspended operations at one of its mines in Tanzania.

The country's government has passed new laws raising mining taxes and forcing companies to renegotiate contracts.

Petra's operations in the country are 25%-owned by Tanzania's government.

BBC      News.

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