Upcoming B2B Gems & Jewellery Exhibition- 19th - 20th - 21st January 2019. Bangalore.

Petra diamonds production up 26% in Q3!

2016-04-29


Petra diamonds Production registered up 26% to 995,905 carats against Q3 FY 2015 production was of 791,443 carats. Q3 production favourably impacted by production from the Kimberley tailings operations attributable to Petra following completion of the Kimberley Mines acquisition in January 2016. Production for nine months as of 31 March 2016 recorded up 10% to 2,625,308 carats.

Revenue also gone up 25% to US$120.5 million against the Q3 FY 2015 had US$96.1 million. Due to increased sales volumes and the sale of the 32.33 carat pink diamond from Williamson for US$15 million Petra diamonds Revenue for nine months to 31 March 2016 down 12% to US$274.4 million over Q3 FY 2015: US$311.0 million. Rough diamond prices up ca. 3.5% on a like for like basis in comparison to the average for H1 FY 2016, due to an improvement in rough diamond market conditions.

Johan Dippenaar, Chief Executive Officer, commented, "Petra has delivered another firm production quarter and we are pleased to announce an increase in our FY 2016 production target to 3.6 - 3.65 Mcts, further to the integration of the Kimberley Mines assets. We are excited about our partnership in Kimberley, given the potential for long-term sustainable operations to the benefit of employees and the local communities there.

"Our expansion programmes remain on track and the opening up of undiluted mining areas has continued to yield improved grades at both Finsch and Cullinan. The construction of the new plant at Cullinan is also on track, and we remain highly focused on delivering the capital projects on time and within budget. Petra is currently near the end of its peak Capex year and the Group is confident that its revised covenant and debt facility levels are aligned to successfully complete its expansion programmes."