HomeDiamonds & GemstonesPetra forecasts 30% production surge next year

Petra forecasts 30% production surge next year

Petra’s recently
acquired Finsch mine
London, England — 26 September 2012 – Africa-focused diamond miner Petra Diamonds expects production for the year ending June 2013 to rise by around 30%, boosted mainly by its renovated Williamson operation in Tanzania and its newly acquired Finsch mine in South Africa.

Reporting on the company’s preliminary results, Petra said that revenue for the year ended June 2012 was up 44% to US$316.9 million while mining activity profits increased 35% to US$103.3 million.

MINING.com reports that Petra “’ which has interests in seven operating mines in South Africa and one in Tanzania “’ expects to produce 2.85 million carats in fiscal 2013. CEO Johan Dippenaar said that the company was on track to meet its production target of 5 million carats for the full year 2019.

Petra is the largest listed diamond mining group on the London Stock Exchange.

Source: MINING.com. For more information, click here.