Petra Diamonds Says Rare Gems Boost Mine's FY Revenue 88%

20th Jul 2010 07:06

LONDON (Dow Jones)--Diamond producer Petra Diamonds Ltd. (PDL.LN) Tuesday said higher production, improving diamond prices and the sale of rare and exceptionally valuable diamonds discovered at its Cullinan mine in South Africa led to an 88% rise in fiscal-year revenue. The company said following a $120 million fundraising and agreeing $78 million of new banking facilities during the year to June 30, it now has the resources to expand production at Cullinan to more than 3 million carats. Petra said fiscal-year gross revenue from Cullinan was $177.7 million and carats sold rose 11% to 1.13 million. Petra owns a 74% stake in the mine. Among rare gems sold during the period was the 507 carat Cullinan Heritage, which fetched $35.3 million at auction. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 20, 2010 02:06 ET (06:06 GMT)