Petra Rough Sales +359%, Boosted by Koffiefontein and Big Stones

Petra Diamonds Limited reported soaring annual revenues of $76.6 million, a 359 percent increase over the previous year. Diamond production rose 11 percent to 200,287 carats, on the year ended June 30.

The diamond miner’s revenue includes $5.4 million generated from the sale of four diamonds that were each sold for more than $1 million.

Petra noted substantial revenue growth due to sales from Koffiefontein, which came on stream in July 2007, supported by strong rough diamond prices.

During the year, Petra sold 230,172 carats, an 87 percent year-over-year increase. The Koffiefontein goods fetched an average of $478 per carat. At the last tender of these goods in June, they sold for an average of $726 p/c.

“In its first year of operation in Petra’s hands, Koffiefontein has proven to be an exceptional acquisition and it is now classed as one of the world’s top kimberlite mines by average value per carat and profit margin,” Petra Chairman Adonis Pouroulis said.

Average prices of rough diamonds from the Fissure Mines increased 54 percent to $210.

Pouroulis expects Petra’s annual production to reach more than 1 million carats by the end of the next financial year when the Cullinan mine and the Kimberley Underground mines are integrated into the group.