Petra Diamond Ltd has received a $40 million loan from International Finance Corporation (IFC), the World Bank's investment arm, to expand the Williamson diamond mine in Tanzania, news outlets report.



Petra owns a 75% stake in the 70-year-old Williamson mine, with the remaining 25% belonging to the Tanzanian government. In 2009, the government reported that the mine had been operating at a loss for 15 years.



An IFC statement said that the rough diamond producer would use the loan to "greatly improve" the mine's financial performance as well as extend its production life, ensuring an income for the mine's 1,000 workers. The statement also announced that the IFC would work with the diamond company to see that the mine expansion was conducted in line with social and environmental concerns.



Petra Diamond CEO Johan Dippenaar said that with the support of the IFC, the mining company aimed to ensure that "progress at Williamson follows globally recognized best practices for the mining industry."