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Trading statements

Petra Diamonds improves FY production by 24%

23 January 2017 07:23

Petra Diamonds Ltd said its H1 production rose 24% to 2,015,087 carats due to increased contribution from undiluted ROM ore leading to improved ROM grades, and additional tailings production from Kimberley Ekapa Mining.

It remained on track to deliver FY production of about 4.4-4.6 million carats (Mcts). The company said H1 revenue rose 48% to $228.5m due to increased sales volumes.

Diamonds sold rose 47% for the period to 1,910,113 carats.

"In line with past years, H2 is expected to be a stronger sales period, due to the timing of tenders being weighted towards the latter half of Petra's financial year," the company added in its H1 trading update.

CEO Johan Dippenaar commented that due to the increased contribution in H1 from undiluted ore, Petra had delivered strong operational results, reporting significant increases in production and revenue.

"We continue to advance our expansion programmes and, from this point onwards, will see a meaningful reduction in Capex as the capital projects, which were first set out in 2009, come to fruition," said Dippenaar.

"Safety remains our highest priority at Petra and we are placing renewed focus on this vital area and relentlessly striving for a zero harm workplace."

Story provided by StockMarketWire.com

Related Company: PDL

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