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Opening Quote: Petra’s debt takes sparkle off record production

Summary:
Petra’s debt takes sparkle off record production. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Petra Diamonds has been aware of the political risk of doing business in Tanzania for some time. But have its shareholders? Fellow miner Acacia had been locked in dispute with President John Magufuli’s government for more than six months before Petra had one of its diamond exports blocked last week, and its personnel questioned. This evidently came as a shock to some, though: Petra’s shares fell 24 per cent on the news, taking their 2017 decline to nearly 50 per cent.Shareholders will therefore have been hoping for some reassurance in this morning’s full-year results – especially given Petra’s debt levels .

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Petra’s debt takes sparkle off record production. FT Opening Quote, with commentary...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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