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Petra to Close Finsch Mine, Lay Off More Workers
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Petra to Close Finsch Mine, Lay Off More Workers
Petra Diamonds will shutter its Finsch mine and dismiss a number of employees to tighten its spending and focus on the higher-value Cullinan deposit amid the prolonged industry downturn. “We are faced with an unprecedentedly weak diamond market, due to global macro factors as well as the recent Middle East tensions,” Petra CEO Vivek Gadodia said last week. “In particular, we continue to see deterioration in the value of the smaller-sized diamond…
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