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Petra boosts H1 diamond output, revenue

28 january 2019

petra_diamonds_logo.pngPetra Diamonds, which has operations in South Africa and Tanzania, said its production for the six months ended 31 December 2018 rose 10% to 2.02 million carats compared with 1.84 million carats, a year earlier.
The Cullinan's run of mine (ROM) diamond production increased 30% to 785,444 carats from the previous year’s 602,594 carats, which helped boost the overall company output.
Petra said the increase in volume at Cullinan was due to the continued ramp up of production from the C-Cut phase 1 and a reduction in ore mined from old areas with higher waste dilution.
ROM production at Finsch was flat at 927,934 carats and so was Koffiefontein at 25,275 carats.
However, Tanzania’s Williamson diamond production rose 23% to 214,421 carats compared with 174,834 carats, a year earlier driven by an 18% increase in the ROM grade recovered as well as a 4% increase in tonnes treated to 2.7 million tonnes.
The company also grew its first half revenue for the financial year 2019 by 8% to $207.1 million compared with the previous year’s $191.7 million.
It said diamonds sold jumped 15% to 1.7 million carats against 1.5 million carats, the prior year.
“Petra has delivered solid production in the first half of FY 2019 underpinned by a continued improvement in safety performance,” said company chief executive Johan Dippenaar.
“We are seeing production reaching consistent levels while our focus remains on the delivery of operational and capex efficiencies in order to generate positive free cashflow and subsequent debt reduction.” 

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