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Petra Diamonds Ltd - diamond mining company with operations in Tanzania, Botswana and South Africa - Enters definitive transaction documents which give effect to the memorandum of understanding announced in December, involving the sale of 50% less one share of the entity which holds Petra’s shareholding in Williamson Diamonds Ltd. Notes deal includes a prorated portion of shareholder loans owed by WDL for a total consideration of $15 million. Petra expects payments to be received over five years. WDL is the operator of the Williamson Mine, and is currently 25% owned by the Government of Tanzania and 75% owned by Petra, with Petra having acquired its majority interest in WDL in 2009. On completion of the deal, Petra will hold 31.5% of WDL. Says proceeds will be used to strengthen its balance sheet.
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