Petra Diamonds has officially exited the Williamson mine in Tanzania, completing the sale of its remaining stake as part of a broader strategy to navigate ongoing liquidity pressures.
The London-listed miner had already divested nearly 50% of its interest in the mine to Pink Diamonds Investments Limited—a company affiliated with Taifa Mining, Williamson’s long-term technical contractor—for $15 million in May 2023. The final tranche of the deal, valued at up to $16 million, sees Petra transfer full ownership of the asset to the same buyer.
According to Petra’s latest announcement, the transaction includes the disposal of its entire shareholding in the company that holds its interest in Williamson Diamonds Limited (WDL), as well as all outstanding shareholder loans. The proceeds, once received, are expected to be directed toward general corporate needs.
“This marks the conclusion of our phased exit from the Williamson asset,” Petra said in a statement, referencing a previous disclosure from January 2025 that outlined its intent to fully divest from the mine amid a challenging market and the need for substantial further investment.
At the time, then-CEO Richard Duffy explained the rationale: “It became increasingly evident to both Petra and Pink Diamonds that a fully consolidated ownership structure for WDL would better support the mine’s future.”
The Williamson mine has had a turbulent operational history. A tailings dam breach in late 2022 caused significant environmental harm and forced a halt in operations. Earlier, in 2020, the site was also the subject of human rights allegations tied to the actions of security forces, culminating in a £4.3 million legal settlement.
Once a key asset in Petra’s portfolio, Williamson’s disposal reflects the company’s shift toward streamlining operations and stabilizing its balance sheet amid persistently soft diamond market conditions.
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