Taifa Mining and Civils Limited, a Tanzanian company, has successfully purchased a 50 percent minus one share stake in Williamson Diamonds Limited (WDL) from Petra, a mining company. The acquisition demonstrates the positive impact of local content policies in the mining sector, with Taifa Mining and Civils Limited now holding a significant interest in one of the country's prominent diamond mining operations. The transaction, valued at $15 million (approximately 35.46 billion Tanzanian Shillings), also involves the resolution of a prorated portion of shareholder loans owed by WDL. Petra's Chief Executive, Mr. Richard Duffy, expressed his satisfaction with the partnership, stating that it would place Williamson on a stronger foundation for the future. While Petra's equity interest in WDL will be reduced, the company will retain control and continue to benefit from the project's potential success. Highlighting the unique position of Williamson in the sector, Mr. Duffy emphasized the significant resource base and the ability to produce high-quality pink diamonds. He further praised the expertise and experience that Taifa brings to the partnership, stating that it would optimize the mine's potential to benefit all stakeholders involved. Taifa Mining and Civils Limited, chaired by Mr. Rostam Aziz, a director nominated by Pink Diamonds Investments Limited (Pink Diamonds), expressed their enthusiasm for the collaboration. As Tanzania's largest mining contractor with over 30 years of experience in the industry, Taifa Mining is committed to adhering to international standards in all aspects of its operations. Mr. Aziz highlighted their long-standing relationship with various mining companies and their status as the preferred contractor for major mines in Tanzania, including Petra, De Beers, Barrick, and AngloGold Ashanti. The Williamson Mine holds the world's largest kimberlite deposit by surface area, with significant reserves and resources of 37.7 million carats as of June 30, 2022. Mr. Aziz acknowledged the mine's importance in providing sustainable employment and making a substantial contribution to the Tanzanian economy. Under the UK's Listing Rules, Petra's transaction falls into Class 2, prompting this disclosure announcement in accordance with Petra's obligations. The definitive transaction documents were entered into between Petra and Pink Diamonds, an affiliated company nominated by Taifa. Taifa will continue as the long-term technical services contractor at the Williamson Mine. Pink Diamonds' payment of the $15 million purchase price will be fulfilled through payments owed by WDL to Taifa for past technical services, subject to WDL's ability to meet its obligations. Petra is expected to receive these payments in installments over the next five years. As the operator of the Williamson Mine, WDL is presently 25 percent owned by the Government of Tanzania and 75 percent owned by Petra, who acquired the majority stake in 2009. In December 2021, Petra entered into a Framework Agreement with the Government of Tanzania, stipulating that Petra's effective interest in WDL would decrease to 63 percent, while the government's interest would increase to 37 percent. Petra intends to utilize the $15 million proceeds from the transaction to further strengthen its balance sheet. In the 2022 Annual Report, WDL's gross assets were valued at $140.5 million as of June 30, 2022, with WDL reporting a profit before tax of $41.1 million in the same financial year.