The National Union of Mineworkers (NUM) criticises Petra Diamonds’ decision to place its Finsch Diamond Mine under business rescue and to initiate a Section 189A retrenchment process at its Cullinan Diamond Mine. The union says the actions could put nearly 1,800 jobs at risk and calls for urgent intervention. NUM argues that the steps signal significant employment impact and urges measures to protect workers and mitigate job losses.
Petra Diamonds says the restructuring is driven by conditions in the diamond industry. The company cites a weak diamond market, falling prices, and ongoing financial pressures as factors behind its decision to enter business rescue at Finsch and to pursue retrenchment processes at Cullinan. Petra’s stated position is that the moves are aimed at responding to current economic challenges affecting the business.
The dispute centres on the union’s concerns over jobs versus the company’s explanation that market and financial conditions require restructuring. Both mine-specific actions are linked to the broader industry downturn described by Petra and contested by NUM.
