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Petra Diamonds faces UK corporation tax winding-up petition
The petition, filed over £5.65 million in unpaid UK corporation tax for the year ended June 30, 2025, is set for a High Court hearing on Oct. 14.
Petra Diamonds is dealing with a UK winding-up petition filed against a wholly owned indirect subsidiary over unpaid UK corporation tax, adding to the diamond miner’s near-term liquidity challenges. Mining.com reports the petition targets Petra Diamonds UK Treasury (PDUK Treasury) over £5.65 million, or about $7.5 million, in unpaid corporation tax tied to the year ended June 30, 2025.
The company said the tax liability arose from interest income accrued on a receivable from Ealing Management Services, another wholly owned indirect Petra subsidiary, and that PDUK Treasury has not received the accrued interest. Petra also noted that the involved subsidiaries are non-operating companies that do not own or run any of its mines, so it does not directly affect mining operations.
Petra said it is assessing potential implications for its financing arrangements and ongoing refinancing discussions ahead of the petition’s High Court hearing on Oct. 14. Mining.com adds the petition follows a strategic review launched the day before that could lead to asset sales to help meet short-term cash requirements.