Petra Diamonds achieves better-than-expected rise in annual output

28th Jul 2014 08:08

- Production rises 17%- Revenue up 17%- 2019 output expected to reach 5m caratsPetra Diamonds reported a 17% rise in annual production to 3.1m carats, ahead of market expectations of 3m carats.An increase in output at Finsch, Williamson, Koffiefontein and Kimberley Underground operations offset reductions at Cullinan and Helam.Revenue climbed 17% to $42.6m in the year ended June 30th. The company said costs remained "well controlled" despite inflationary pressures in the mining industry, particularly in labour and electricity. "Full year 2014 has seen a further year of solid production and revenue growth, with the group on track to reach annual production of circa 5m carats by full year 2019," said Chief Executive Johan Dippenaar. "We have also recorded further progress with our expansion programmes, which remain on schedule and on budget. Petra has experienced a firmer diamond market during the second half of full year 2014 and the outlook remains positive due to constrained supply and a firm US market, as well as continued growth in emerging markets."RD