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Petra to Resume Sales from Williamson Mine

Tanzania has permitted Petra Diamonds to resume exports and sales of diamonds from its Williamson mine, after the government seized a parcel of rough over a valuation dispute.

Authorities prevented the export of 71,654 carats of diamonds last month after claiming the stones were worth more than Petra had initially stated. The company has not yet reached a resolution with the government over these diamonds, which remain in the possession of officials.

Petra said it would finalize with the government the exact timing and process for the next export of diamonds to Petra’s marketing office in Antwerp.

Williamson operations were briefly halted earlier this month as authorities were questioning key personnel from the deposit. Production resumed after four days.

Shares in Petra rebounded 8% Thursday morning, having slumped more than 20% since news broke of the parcel’s confiscation on September 9. (Source Rapaport)