Share

Petra Diamonds output jumps 25%

Johannesburg - Petra Diamonds said output rose 25% in the first quarter and maintained its full-year target of about 3 million carats, as its key Finsch mine was unaffected by labour strikes.

Petra said it produced 816 735 carats in the quarter ended September 30 up from 654 690 carats a year earlier, helped by its Finsch mine. First quarter revenue rose 27% to $65.1m.

The company said the labour situation at its local operations had remained stable since the end of the industrial action which began in August.

Petra, which has seven producing mines in South Africa and one in Tanzania, said it maintained its overall outlook for average prices for fiscal 2014 ending June 30.

The company said the diamond prices were weak in the post-summer period but that it expected a firmer market through to calendar year end and in the second half of fiscal 2014.

Petra Diamonds, whose customers are primarily in India, the United States and China, gets most of its production from five mines that it bought from Anglo American's De Beers unit.

Petra shares were up 0.6% at 114.9 pence at 12:14 on the London Stock Exchange.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders