Petra Diamonds Reports Rise in Production and Sales
July 21, 10
Petra Diamonds Limited reported an 88 percent leap in gross mine revenue to $177.7 million in the fiscal year ending June 30. The volume of sales increased 11 percent to 1,125,098 carats.
The diamond miner produced 1.165 million carats, a 6 percent increase over the prior fiscal year.
Petra’s rise in revenue was due not just to increased production and rough diamond prices, but also to the sale of exceptional diamonds. Most notable of them is the sale of the 507 carat Cullinan Heritage diamond for $35.3 million, reportedly to Chow Tai Fook Jewellery.
During the past year, Petra increased its ownership of the Cullinan mine to 74 percent, thereby doubling Cullinan’s attributable production and increasing Petra’s attributable resource base from all operations to 195 million carats.
It also completed the acquisition of the Kimberley Underground mine in South Africa.
“These results signify a further step change for Petra, with substantially higher revenues reflecting our continued production growth and a strong recovery in rough diamond prices. We have recently taken steps to significantly strengthen our balance sheet and are now fully financed to ensure the capital roll-out which will deliver further growth and returns to our shareholders.”