Petra Plans to Increase Production
June 30, 24
(IDEX Online) - Petra Diamonds has outlined plans to increase annual production by almost a quarter over the next five years.
Its Cullinan and Finsch mines, in South Africa will account for most of that increases, the UK-based miner said in an investor day report entitled Enhancing Resilience.
Total production from both mines, together with Williamson, in Tanzania, is estimated at 2.74m to 2.78m carats this year. In 2029 that figures is forecast to rise to 3.4m to 3.7m carats.
The South African operations will increase from 2.41m to 2.44m carats to 2.9m to 3.3m carats, and Williamson will increase slightly from 0.33m to 0.34m carats to o.37m to 0.41m carats.
Cullinan, the iconic mine where the largest gem diamond ever was discovered (3,106-ct Cullinan Diamond) presents long-term opportunities which should see it remain in operation to 2048, the company says. Finsch should remain in production to 2038.
Pic courtesy Petra shows Cullinan mine.