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Another Diamond Mine Poised to Close
Finsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
The Finsch Diamond Mine in South Africa, which opened in 1967. Production at the mine has been suspended since June and now is expected to cease permanently.
London—After nearly 60 years in operation, the Finsch Diamond Mine in South Africa is preparing for permanent closure.
Mining company Petra Diamonds Ltd. announced late last week that since placing the mine in business rescue, a legal process used in South Africa that is akin to Chapter 11 bankruptcy, the company has “not found a viable outcome to restart operations at Finsch.”
In the news release announcing its fiscal year 2026 results, Petra Diamonds CEO Vivek Gadodia said the large proportion of smaller goods that Finsch produces, coupled with the strength of South Africa’s currency, make operating the mine “untenable.”
Petra’s revenue was flat year-over-year in fiscal year 2026, but its debt increased to $322 million by the end of its fiscal year on June 30, up from $298 million at the end of the third quarter, due largely to the losses sustained at Finsch.
The company said in the release that it is shifting focus to mining at Cullinan’s C-Cut, which yields a higher proportion of large and fancy colored diamonds.
Gadodia noted that larger, rarer diamonds are selling for “premium” prices and demand remains robust.
The mine’s creditors have approved a plan to sell off the mine’s assets to recover as much as possible for Finsch’s creditors.
An unnamed senior lender has provided funding to enable “limited activities” to continue at the mine, with a skeleton crew staying on while the mine’s assets are sold off.
Related stories will be right here …
Mining company Petra Diamonds Ltd. announced late last week that since placing the mine in business rescue, a legal process used in South Africa that is akin to Chapter 11 bankruptcy, the company has “not found a viable outcome to restart operations at Finsch.”
In the news release announcing its fiscal year 2026 results, Petra Diamonds CEO Vivek Gadodia said the large proportion of smaller goods that Finsch produces, coupled with the strength of South Africa’s currency, make operating the mine “untenable.”
Petra’s revenue was flat year-over-year in fiscal year 2026, but its debt increased to $322 million by the end of its fiscal year on June 30, up from $298 million at the end of the third quarter, due largely to the losses sustained at Finsch.
The company said in the release that it is shifting focus to mining at Cullinan’s C-Cut, which yields a higher proportion of large and fancy colored diamonds.
Gadodia noted that larger, rarer diamonds are selling for “premium” prices and demand remains robust.
The mine’s creditors have approved a plan to sell off the mine’s assets to recover as much as possible for Finsch’s creditors.
An unnamed senior lender has provided funding to enable “limited activities” to continue at the mine, with a skeleton crew staying on while the mine’s assets are sold off.
Finsch is one of four diamond mines worldwide expected to close this year as prices for smaller goods plummet amid competition from lab-grown diamonds and changes in consumer behavior.
Last month, De Beers Group announced that it was suspending production at the Venetia mine in South Africa for two years as part of another round of cost-cutting measures.
Ekapa Minerals’ diamond mine in the country’s Kimberley region also was set to close, but South Africa’s National Union of Metalworkers convinced a court to place the operation into business rescue to determine if it could be saved instead.
If successful, the move will save about half of the mine’s 1,030 jobs, South African news site News24.com reported.
In Canada, the Ekati diamond mine is expected to close later this month, while Rio Tinto removed the last load from the neighboring Diavik mine in March.
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