Petra Diamonds announces José Manuel Vargas to join its Board as Non-Executive Director

– JERSEY, St. Helier –  Petra Diamonds Limited (LON: PDL) today announced the appointment of José Manuel Vargas to its Board as a Non-Executive Director, effective 1 January 2024.  José Manuel is a significant shareholder of Petra, currently holding c. 8.57% of Petra’s issued share capital.

“I am delighted to welcome José Manuel to the Petra Board. We look forward to drawing on José Manuel’s extensive executive and Board experience across a range of sectors. José Manuel will provide valuable commercial and entrepreneurial perspectives to the Board during these challenging market conditions,” said Board chair, Varda Shine.

The company also announced that Jon Dudas and Alex Watson will step down from the Board with effect from 17 February 2024.

About José Manuel Vargas

José Manuel Vargas is currently Executive Chairman and CEO of MAXAM, one of the world’s largest explosives manufacturers, having been appointed in 2020. In addition, José Manuel also serves on the Board of Directors of Fluidra S.A. (since 2018) and is a Senior Advisor to Rhone Capital, having previously been a Managing Director. With effect from 1 January 2024, José Manuel will step down from his role as CEO of MAXAM (remaining Chairman) and resume his position as Managing Director of Rhone Capital.
José Manuel was previously the Chairman and CEO of Aena SME, S.A. leading its restructuring, partial privatization, and IPO in 2015. Before joining Aena, he held senior management positions at Vocento S.A., where he served as CFO until his promotion to CEO. Before his tenure in the communications sector, he was the CFO and General Secretary of JOTSA (part of the Philipp Holzmann Group). Mr. Vargas has also served on several other Boards of Directors, including Aena, Vocento, Diario ABC, Cadena COPE, Net TV, Diario El Correo, and Wellbore Integrity Solutions.
José Manuel, a Spanish citizen, holds a degree in Economics and Business Sciences from the Complutense University of Madrid, a degree in Law from UNED, and is a Chartered Accountant.

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a supplier of gem-quality rough diamonds to the international market. The Company’s portfolio incorporates interests in three underground mines in South Africa (Finsch, Cullinan Mine, and Koffiefontein) and one open pit mine in Tanzania (Williamson). The Koffiefontein mine is currently on care and maintenance in preparation for sale or closure.

Petra’s strategy is to focus on value rather than volume production by optimizing recoveries from its high-quality asset base to maximise its efficiency and profitability. The Group has a significant resource base that supports the potential for long-life operations.

Petra strives to conduct all operations according to the highest ethical standards and only operates in countries that are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners, and communities.

Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker ‘PDL’. The Company’s loan notes due in 2026 are listed on the Irish Stock Exchange and admitted to trading on the Global Exchange Market.


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