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Petra Diamonds to Produce 3M Carats in Fiscal 2015

Aug 18, 2014 3:45 AM   By Deena Taylor
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RAPAPORT... Petra Diamonds expects to mine 3.2 million carats in fiscal 2015, an increase of 3 percent compared with the company's production in fiscal 2014.

The company reported that average diamond prices from its Finsch, Cullinan, Koffiefontien and Kimberley underground mines are expected to achieve increases; the exception in Petra's portfolio is the Williamson mine. Petra anticipates that the average will continue to rise through  2019 as growth will stem from run-of-mine production, as opposed to tailings, which will deliver higher-value carats to the company's product mix.

Meanwhile, the market for rough diamonds is expected to remain underpinned by  firmer U.S. demand and continued growth from emerging markets. Furthermore, constrained supplies are also expected to support future rough diamond price increases, the company stated

Petra said it is on track to meet its production target of 5 million carats by 2019. The company owns four producing mines in South Africa and one mine in Tanzania.
Tags: Cullinan, Deena Taylor, diamonds, Finsch, Kimberley Underground, Koffiefontein, Petra Diamonds, Rough diamond prices, Williamson Mine
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