Petra Diamonds Puts Up for Sale as $650 Million Debt Looms

PETRA Diamonds said on Friday it would seek offers for the company after concluding a strategic review aimed at finding ways to repay $650m in debt. An option would be to sell certain assets in the group which largely consist of South African mines bought over the years from De Beers, including the famed Cullinan mine. The London-listed company said on Friday it had “… decided to seek offers for the company, or for parts of the business or assts of the Petra Diamonds group”. The strategic review was conducted with Rothschilds & Co, a bank.