23rd Jan 2017 08:25
LONDON (Alliance News) - Petra Diamonds Ltd on Monday said it remains on track to deliver its full-year production targets, as production rose 24% in its first half to the end of December.
The diamond miner said production increased to 2.0 million carats in the half-year from 1.6 million carats a year prior, due to an increased contribution from undiluted ore and additional tailings production from its Kimberley Ekapa mining operation in South Africa.
As a result, Petra remains on track to deliver full-year production of between 4.4 million and 4.6 million carats, it said.
Revenue rose 48% to USD228.5 million from USD154.0 million on higher sales volumes, as diamonds sales rose 47% to 1.9 million carats from 1.3 million.
In line with previous years, Petra Diamonds said the second half is expected to be stronger for sales.
"Due to the increased contribution in H1 FY 2017 from undiluted ore, we have 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 Chief Executive Officer Johan Dippenaar in a statement.
Shares in Petra Diamonds were up 1.6% at 158.71 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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