Around 1,800 jobs are at risk at Petra Diamonds' Finsch and Cullinan mines, part of a wave of South African mining retrenchments that Solidarity says could total more than 4,000 positions in 2026.
Petra Diamonds posted a $188m net loss for the six months to December, warning that continued rand strength was a major risk to the business alongside weak diamond prices.
Petra Diamonds secured a refinancing deal pushing out its debt maturities and raising $25m in new equity, sending its shares up sharply.
High-value diamond prices rose about 10% in 2025, offering Petra Diamonds a possible lifeline as it battles debt and a bond maturity.
Petra Diamonds has abandoned its scheduled tender calendar in favour of selling diamonds opportunistically, as weak prices and a deteriorating product mix at Cullinan squeeze revenue.
Petra Diamonds has sold its remaining 31.5% stake in Tanzania's Williamson mine to Pink Diamonds, ending a difficult 16-year involvement in the operation.
