Petra Diamonds say production for the third quarter leaped 126 percent to 622 509 carats when compared to last year’s 275 526, mainly due to the contribution of the Finsch mine, in South Africa for the full quarter.
The Finsch mine, which was bought from De Beers in September last year contributed 343,051 carats to overall output in the quarter.
"These results demonstrate Petra's credentials as a high growth company, as we continue on our path to significantly ramp up annual production, with the goal of reaching over 5 million carats per annum by FY 2019,” said company chief executive Johan Dippenaar in a statement to Rough&Polished.
“We are on track to enjoy a strong second half to the financial year, due to the seasonality of our tender dates, the inclusion of the strongly performing Finsch mine for a full six month period and an overall improvement in the rough diamond market."
Petra said that its gross mine revenue for the quarter under review went up 87 percent to $98.0 million compared to last year’s $52.3 million.
The stronger market, it said was due to a recovery in confidence after the initial impact of the Eurozone debt crisis abated.
“Steady demand is being seen from both the US and Asian markets,” Petra said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
