Fin24

IFC to aid Petra's mine expansion

2012-07-04 07:55

Washington - The World Bank's private investment arm on Tuesday agreed to a $25m loan to fund the expansion of London-listed Petra Diamonds' Finsch mine in South Africa.

The International Finance Corp, which has an equity stake in Petra, said a parallel loan with similar terms would be provided by Rand Merchant Bank. Petra Diamonds' expansion of the 44-year-old mine is set to extend its life for a further 18 years.