Petra Diamonds appoints new CEO

African miner Petra Diamonds named a new CEO yesterday as it works to cut debt and generate free cash flow after first-half core earnings were hit by lower diamond prices.

Analysts said appointing Richard Duffy, who has held finance posts in his 27 years in the mining industry, would benefit the company as it sought to cut debt. He has previously worked at Anglo American and AngloGold Ashanti. The news helped lift its shares more than 8%.