Tanzania: Petra Shares Tumble As Woes Pile Up

PETRA Diamonds shares at London Stock Exchange continued to plunge as it faces a review of its local mining contract and investigation into allegations of under-declared diamond exports.

President Magufuli ordered a review of Petra's contract over the Williamson diamond mine in Kahama, Shinyanga Region last week after a parliamentary investigative committee on diamonds and tanzanite mining accused the industry of being rife with corruption and tax evasion, with negligence by government officials causing losses of millions of dollars for the country.

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