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Diamonds & gemstones

Petra Diamonds sparkles higher as it issues gov'ts payments report

Petra reported payments made in its year to June 30, 2016.

Shares in diamond group Petra Diamonds Ltd (LON:PDL) sparkled a shade higher as it revealed its annual payments to governments report for its financial year.

Shares are at 156.4p - up 0.9% at the time of writing.

Petra is required to report payments made which individually or collectively are more than £86,000 within a financial year - in this case - to June 30, 2016.

A total of US$8.9mln was paid to governments, the report showed.

In South Africa, where its famous Cullinan mine is located, the group paid a total of around US$2.9 mln.

The FTSE 250 firm paid $0.14mln in corporate taxes in the Netherlands and spent in total around US$5.8mln in Tanzania on expenses.

The miner also confirmed in the report: "There were no reportable payments to a government for production entitlements or signature, discovery or production bonuses during the year under review."

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