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Petra Diamonds says FY 2014 output, revenue up

24 october 2014
Petra Diamonds, which has mines in South Africa and Tanzania, said it continued to make a “steady progress” in the fiscal year (FY) 2014 as the company recorded higher output than previously envisaged.
The group’s chief executive Johan Dippenaar said that production was up 17 percent to 3.1 million carats for the year ended 30 June 2014 fr om 2.67 million the previous year. This was ahead of market guidance of 3 million carats.
He said in FY 2015, production was forecast to increase about 3 percent to 3.2 nillion carats.
This, said Dippenaar, would be the last year of mainly relying on production from mature working areas.
“We are currently operating in areas at our underground mines in South Africa wh ere the existing block caves, having been in operation for many years, are heavily diluted with waste rock, resulting in a lower overall diamond content of the tonnages mined,” he said.
Our expansion programmes are opening up new areas of undiluted ore, with our grades and carat production therefore forecast to increase substantially.”
He said Petra had “significantly” increased its development metres, averaging about 1,000 metres per month of underground tunnel development across the group.
“The key deliverables for these projects, namely the development of the declines at Finsch and the shaft deepening and underground development at Cullinan, are firmly on track and in line with our target to reach circa 5 Mcts by FY 2019,” said Dippenaar.
Meanwhile, Petra’s revenue leaped 20 percent to $471.8 million from 392.5 million, a year earlier, while profit from mining activities grew 40 percent to $201.1 million.
The group’s chairperson Adonis Pouroulis said they witnessed strong growth of 7 percent from the major US market, in line with its continued economic recovery, as well as continued double digit growth from China of 14 percent.
“Going into FY 2015, we expect these market dynamics to remain intact and are therefore guiding for rising rough diamond prices,” said Pouroulis.

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