The BEE partners in the said mines include Senakha Mining Investments, Thembinkosi Mining Investments and the Petra Diamonds Employee Trust.
When Petra and the BEE Partners acquired the Finsch and Cullinan mines from De Beers, during that time, BEE Partners’ 26% share in each mine was funded by Petra.
The proceeds from the latest funding will be used to clear the BEE partners’ debt of $98m with Petra.
Petra Diamonds CEO Johan Dippenaar said: "The re-financing of the BEE Partner loans is a validation by Absa and RMB of the quality of Petra’s asset base, cashflows and management team.
"The repayment of these loans significantly strengthens the company’s balance sheet, enhances flexibility and places Petra in a strong position financially."
The BEE Partners plan to repay Absa and RMB using their share of cash-flows from Finsch and Cullinan projects. The loan repayment schedules are structured to allow flexibility around on-mine cash flows and loan repayments.
