M a r k e t N e w s

South Africa: Petra Performance Exceeds Expectations

Posted on : Wednesday, 21st September 2016

 PETRA Diamonds is projecting production to rise up to 24,3 percent in 2017 from a year earlier and grow further to hit 5 million carats (mcts) in 2018.

 
This is a year earlier than anticipated.
 
The projections are buoyed by a satisfactory performance in the year ended June 30.
 
During the period, production up 16 percent to 3,7 Mcts (FY 2015: 3,2 Mcts), ahead of company guidance.
 
Capital expenditure of US$324,1 million (FY 2015: US$274,1 million), reflected peak activity around the group's expansion programmes.
 
Gross Diamond Resources (inclusive of Reserves) increased 1 percent to 312,2 Mcts (30 June 2015: 308,7 Mcts).
 
"The Company delivered a strong set of results notwithstanding the number of challenges faced during FY 2016, which included managing production from heavily diluted areas at our underground mines, as well as market related pressure on prices particularly in H1," said Johan Dippenaar, Chief Executive Officer of Petra diamonds.
 
Petra Diamonds is a diamond mining group headquartered in Jersey. It has a diversified portfolio, with interests in eight producing mines in South Africa and Tanzania and an exploration programme in Botswana.

Source : allafrica.com
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