London, England — 16 September 2013 – Leading independent mining group Petra Diamonds has confirmed that it is on track to hit its production target for the coming financial year, despite more than two weeks of disruption from strikes affecting over a third of output.
Revealing this as it published its full year results for the year to the end of June 2013, Petra said adjusted net profit after tax had risen 22% to US$48.3 million. Core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), had risen just over a third to US$122.4 million, broadly in line with analyst expectations.
The company, which has seven producing mines in South Africa and one in Tanzania, was hit by strikes on August 29, but says that normal operations will resume from today, reports Fin24.
Thanks to a strong production run rate at the start to the year, the group said it remained on track to increase production around 12% to 3 million carats in the current financial year.
That compares to production of 2.7 million carats for the year ended June 30, 2013, according to numbers released earlier.
Petra Diamonds, whose customers are primarily in India, the United States and China, gets most of its production from five mines that it bought from Anglo American’s De Beers unit, the world’s biggest diamond producer by value.
It plans to increase production to 5 million carats by its 2019 financial year.
Source: Fin24. For more information, click here.