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Petra Sales Rise Despite Depressed Prices

Jul 25, 2016 4:43 AM   By Rapaport News
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RAPAPORT... Petra Diamonds’ revenue climbed in fiscal year 2016 as increased sales by volume outweighed a drop in rough prices.

Revenue rose 1.4 percent to $430.9 million in the 12 months that ended June 30, Petra reported. Diamond sales by weight jumped 8.8 percent to 3.4 million carats. However, prices fell about 9 percent in the first half and ended the full year about 6 percent lower, the miner said.

Production jumped 16 percent to 3.7 million carats, above the company’s guidance of 3.6 million to 3.65 million carats. Output at the Finsch mine in South Africa advanced 7 percent to 2.2 million carats, but production at the Cullinan pit in the country dropped 7 percent to 680,813 carats.

Petra said it expects production to surge 25 percent to 30 percent to between 4.6 million carats and 4.8 million carats in the next fiscal year. The company anticipates it will achieve a stated long-term target of 5 million carats per year in production by fiscal 2018, a year earlier than planned, and about 5.3 million carats per year by the end of the following fiscal year.

Image: Finsch mine, Northern Cape Province, South Africa
Tags: Cullinan, Finsch, mining, petra, Petra Diamonds, Rapaport News, South Africa
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