Petra Production Doubles in Q3

According to CEO Johan Dippenaar (above), Petra is significantly ramping up production, aiming for 5 mln carats a year by 2019

(IDEX Online News) – Petra mined 522,934 carats of diamonds in the third quarter of year, a 108 percent year-over-year increase. Together tailings and alluvial diamonds, Petra's total diamond production increased 126 percent.

Gross mine revenue for the quarter was up 87 percent to $98 million.

The increase in Petra's production – an income - is primarily due to the addition of output from the Finsch diamond mine in South Africa.

During the quarter, Petra sold 626,958 carats, up 134 percent.

This translates to an average of $156.31 per carat.

Petra's star source of goods by value is no doubt Koffiefontein, realizing $551 p/c.

The company stated that prices of rough diamonds showed a slow but steady upward trend during the quarter, adding that the stronger market is due to a recovery in confidence after the initial impact of the Eurozone debt crisis abated.