Huge Gem Quality Stone Unearthed in South Africa

Huge Gem Quality Stone Unearthed in South Africa

FLASH: South Africa’s Petra Diamonds (LON:PDL) has found a 100.83 carat gem-quality diamond at its iconic Cullinan mine in South Africa.

The D-color, Type II diamond follows the recent recovery of a 6.12 carat Type II blue stone, also at Cullinan. The company has piled up debt after building a new plant and digging deeper at its flagship Cullinan diamond mine.

“The recoveries demonstrate the prevalence of these types of stones in the Cullinan ore body as well as the ability of the mine’s plant to recover the full spectrum of diamonds,” Petra said in a press release.

The company, which appointed last month former gold miner Richard Duffy as CEO, said that both stones would be included in its upcoming March tender.

Shares climbed as much as 10.5% after the announcement, closing at 21.2p in London Friday.

Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, where the world’s biggest-ever diamond was found in Y 1905.

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