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Petra Warns Sales Set to Fall Short
Jun 28, 2017 5:44 AM
By Rapaport News
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RAPAPORT... Petra Diamonds has lowered its sales and production forecast
for the current fiscal year, as an expansion of its operations has taken longer
than expected.
The South Africa-focused miner’s rough-diamond output will
be 8% to 9% below its projection of 4.4 million carats for the 12 months ending
June 30, it said Wednesday. As a result, revenue will be about 8% to 9%
below what the market is expecting.
The company’s stock fell approximately 8% in early trading.
Nonetheless, the company is confident that the lower
production levels will not affect its banking facilities, it said, and has held
initial talks with its lenders.
The rough producer, which operates the Cullinan mine and
other projects in South Africa, is still on track for “record” revenue this
year, it added. It expects to produce 5 million carats in the fiscal year
ending June 2018.
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Tags:
Cullinan Mine, mining, petra, Petra Diamonds, Production, Rapaport News, Rough Diamonds, Rough Production, rough sales, South Africa
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