Petra Diamonds H1 output slips

12th Jan 2011 08:50

Diamond producer Petra Diamonds said it remains on course to meet upwardly revised full-year production despite a 5.3% drop in first half output.Gross production fell to 582,102 carats for the six months to 21 February compared to 614,594 carats the same time a year earlier. The decline was mostly attributed to the temporary closure of its Williamson mine in Tanzania for refurbishment.Gross mine revenue jumped 44% to US$90m as it ramped up production at its South African mines. Revenue was also boosted by higher rough diamond prices.Chief executive Johan Dippenaar was upbeat about future rough diamond demand."The strong growth in revenue for the period reflects the strength of the market and the positive rough diamond price environment, which is underpinned by continued growth in demand from emerging markets, particularly China and India, as well as by the steady recovery in the US market," he said.