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Petra Q3 revenue down 7% to $135mln

16 april 2019

petra_diamonds_logo.pngPetra Diamonds said its third quarter revenue for the fiscal year 2019 dropped 7% to US$135.2 million compared with $145.7 million, a year earlier, mainly due to lower production from Finsch mine, in South Africa.
Finsch’s third quarter production eased 30% to 387,370 carats from 553,669 carats recorded the previous year.
This was 55,000 carats below expectations, 80% of which relates to a delay in the planned winder upgrade and a belt tear on the main underground conveyor, both of which occurred in January 2019, said Petra.
The group’s overall production during the third quarter fell 7% to 924,228 carats compared to the previous year’s 992,315 carats.
Production increased at Cullinan and Koffiefontein mines in South Africa and the Williamson mine in Tanzania, but the gains were offset by lower production at Finsch.
“I am pleased with the incremental improvement in operational performance at Cullinan, Koffiefontein and Williamson and despite a challenging January, Finsch’s performance through February and March is as expected,” said Petra new chief executive Richard Duffy.
“Our focus remains on the delivery of free cash flow to reduce our net debt and generate future options for the company.”
The group’s net debt was reduced marginally to $553.1 million from $559.3 million as at 31 December 2018, excluding $46.4 million relating to diamond debtors as at 31 March 2019.

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