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Petra says likely to breach key bank loan condition

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Petra says likely to breach key bank loan condition

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(Reuters) – Petra Diamonds Ltd <PDL.L> said on Monday it was likely to breach a key condition of its banking agreements due to labour disruption at is South African operations and uncertainty around sales volumes in Tanzania. The company said it had told lenders it was likely to breach a core earnings ratio this financial year that is part of its banking arrangements. Petra has been hit by labour disputes at three of its units in South Africa and tighter regulations by the Tanzanian government around exports out of the country. The company said it was unsure about the final volume of sales for the Williamson mine in Tanzania for the first half of 2018.

(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Mark Potter)
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