Data provided by McGregor BFA
All data is delayed
Loading...
See More

Finsch mine proves profitable for Petra

Feb 25 2013 11:12 Reuters

(Shutterstock)

Related Articles

Petra Diamonds strike over

Strike at Petra over

Petra forecasts jump in output

Petra lowers full-year output target

Petra Diamonds production doubles

Diamond miners strike in Cullinan

 

Johannesburg - Miner Petra Diamonds reported 20% higher core earnings for the first half, helped by production at its recently purchased Finsch mine.

Adjusted earnings before interest, taxes, depreciation and amortisation rose to $32.6m for the six months to December 31 from $27.1m a year earlier.

Petra, which has seven operating mines in South Africa and one in Tanzania, said revenue grew 63% to $151.7m.

The rough diamond market is expected to remain stable in the second half, the company said.

Earlier this month, the world's biggest diamond producer, De Beers, said a more positive outlook in China and India would boost sales of diamond jewellery in 2013.

Petra said last month that production rose 31% to 1.25 million carats for the first half, mainly due to the inclusion of output from the Finsch mine.

But it lowered its full-year production target by about 7%, citing uneven quality, particularly at its Finsch and Cullinan mines in South Africa.

Shares in Petra closed at 115.8 pence on the London Stock Exchange on Friday. They have lost about 25% of their value in the past year.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

petra diamonds  |  mining
NEXT ON FIN24X

DRDGold appoints director

2014-04-17 15:05

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Numsa prepares for life after Cosatu

Numsa has not only reiterated its call for President Jacob Zuma to resign but it is also preparing for life outside of Cosatu, a report states.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...