South Africa-focused Petra Diamonds' Q1 output rises

Petra Diamonds, which has seven producing mines in South Africa and one in Tanzania, has announced that output rose 25 percent in the first quarter and maintained its full-year target of about three million carats.

Petra produced 816,735 carats in the quarter ended September up from 654,690 carats a year earlier, helped by its Finsch mine.

First quarter revenue rose 27 percent to $65.1 million.

In a statement, Johan Dippenaar, Chief Executive Officer, said: "These results demonstrate the continued delivery of growth in accordance with our stated expansion plans. Having a well-diversified portfolio is important in terms of our ability to manage production risk across the Group and this, combined with the quality and tenacity of our team, places us in a strong position to meet our targets.

"Our mines produce a significant and growing volume of the commercial, mass market goods which form the mainstay of the diamond market, but they also regularly produce high quality, and at times world-class, diamonds. We are delighted to have recovered a range of such special stones in our second quarter, including two exceptional white Cullinan diamonds, which we expect to generate substantial interest at our next sales tender in late November."

Image: © Petra Diamonds

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