Work hard and you will find success

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Today

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Petra H1 revenue drops 28pc as output marginally increases

28 january 2016
Petra Diamonds said its revenue for the six months ended 31 December dropped 28 percent to $154 million compared to $214.8 million carats recorded a year earlier.
The number of carats sold (1,303,051) was lower than carats produced (1,629,403) due to the seasonal timing of Petra’s tenders.
Petra said the rough diamond market continued to be impacted by excess polished inventory in the pipeline, liquidity issues in the midstream, the strong US Dollar and a slowdown in retail demand from China.
The company, which mines in South Africa and Tanzania, said rough diamond prices were down 9 percent for the first half of the fiscal year 2016 on a like for like basis in comparison to results for the fourth quarter of the fiscal year 2015.
“However the impact on Petra’s financial results has been mitigated by the significant weakening of the South African Rand over this period," it said.
Meanwhile, Petra’s production was up 2 percent to 1,629,403 carats during the first half compared to 1,601,069 carats recorded in the comparative period.
It exceeded its production target of 1.5 million carats for the first half and remained on track to reach full year production guidance of 3.3 million carats to 3.4 million carats for the full fiscal year 2016.
The company’s capital expenditure was $151.3 million in the first half against $125.2 million, a year earlier.
The increase in capital expenditure for the period under review was mainly due to the construction of the new Cullinan plant, in South Africa.
“The construction of the new plant at Cullinan is on track, and we look forward to the significant benefits this new plant will bring to bear at the mine,” said Petra chief executive Johan Dippenaar said.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished