London-listed Petra Diamonds achieved a solid operational performance in the three months ended September 30 – the first quarter of its 2019 financial year.
Production for the period increased by 21% year-on-year to 1.07-million carats, mainly as a result of a 25% increase in run-of-mine production to 1.02-million carats, but offset by planned reductions in tailings recoveries at the company’s Finsch mine in South Africa.
The diamond miner noted in a trading update to the market on Monday that first-quarter revenue had increased by 22% year-on-year to $80.2-million from the sale of 626 541 ct.
Diamond prices, on a like-for-like basis, for the quarter were about 5% lower year-on-year,
owing to the usual seasonal weakness, but partially offset by the improvement in product mix.
Petra owns and operates the Finsch, Cullinan and Koffiefontein mines, in South Africa, and the Williamson mine, in Tanzania.