26th Apr 2016 07:14
LONDON (Alliance News) - Petra Diamonds PLC on Tuesday upgraded its full-year production guidance following a strong performance in the third quarter.
Petra said production in the quarter to the end of March grew 26% year-on-year to 995,905 carats from 791,443 carats a year earlier. Production was driven up by the contribution from the Kimberley tailings facility in South Africa following completion of the acquisition of Kimberly Mines in January.
The company said it has upgraded its production guidance for the year to the end of June to between 3.6 million carats and 3.65 million carats, from between 3.3 million and 3.4 million previously.
Revenue in the quarter grew to USD120.5 million from USD96.1 million, helped by diamond sales volumes growing 13% year-on-year and the USD15.0 million sale of a 32.33 carat pink diamond from its Williamson mine in the quarter.
Rough diamond prices grew 3.5% on a like-for-like basis in the quarter compared to the first half, Petra said, thanks to better conditions in the wider market.
The group added its expansion programmes, including at the Cullinan mine in South Africa, remain on track.
Petra shares were up 2.5% to 132.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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