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Petra Diamonds says Q3 output steady

24 April 2017 07:24

Petra Diamonds said its Q3 production was steady at 999,768 carats, from 995,905 carats a year earlier, taking production for nine months to March 31 up 15% to 3.014m carats, from 2.625 carats.

The group maintained its full year production guidance of about 4.4 Mcts.

It said revenue was down 1% to $119.1m, with no revenue from exceptional diamonds. A year earlier, revenue was $120.5m, including $15.0m from exceptional diamonds. Excluding exceptional diamonds, revenue rose 13%.

Revenue for nine months was up 27% to $347.6m, including $10.9m from exceptional diamonds. A year earlier, revenue was $274.4m, including $25.0m from exceptional diamonds. Excluding exceptional diamonds, revenue rose 35%.

CEO Johan Dippenaar commented that further progress was made with Petra's expansion programmes during the three-month period, as evidenced by the higher ROM grades achieved as a consequence of the increased contribution from undiluted ore.

ROM production for Q3 increased 18% to 760,916 carats, from 646,850 carats a year earlier, further to ROM grade improvements as a result of the ongoing ramp-up of underground expansion projects.

"The significant strengthening of the company's balance sheet following the recent debt restructuring, as well as the positive signs we are seeing in the diamond market, position us well as we continue to ramp up production from our capital programmes," said Dippenaar.

Story provided by StockMarketWire.com

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