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Petra Q3 output up 4%

8th May 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Africa-focused miner Petra Diamonds produced 647 248 ct of diamonds in the third quarter of the 2013 financial year, a 4% increase on the 622 509 ct produced in the third quarter of the previous financial year.

The Finsch mine contributed 343 988 ct, the Cullinan mine 206 844 ct, the Kimberley Underground operation 27 592 ct, Fissure Mines 18 129 ct and Koffiefontein 7 360 ct.

The Williamson mine, in Tanzania, produced 43 335 ct in the quarter.

The company, led by CEO Johan Dippenaar, noted in an interim management statement on Wednesday that the rough diamond market had, throughout the quarter ended March 31, continued on the firmer trend seen since the end of 2012, enabling Petra to earn $105.7-million in revenue for the quarter, up 8% on the $98-million earned in the prior comparative period.

Petra sold 668 193 ct in the period under review – a 7% increase on the 626 958 ct sold in the third quarter of 2012.

This included the sale of two “special” diamonds for a combined $3.8-million.

Meanwhile, production for the nine months ended March 31, amounted to about 1.89-million carats, up 20% compared with the 1.58-million carats produced in the nine months ended March 31, 2012.

Petra remained on track to meet its full-year production guidance of about 1.65-million carats.

Further, the diamond miner pointed out that the formal sales process for its Fissure Mines – comprising the Helam, Sedibeng and Start operations – had come to an end, but had not resulted in acceptable offers when mining expertise, funding capacity and other matters were taken into consideration.

Petra had, therefore, decided to downscale the Sedibeng and Star operations, while the Helam mine would continue to operate on a normal commercial basis.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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