Petra Diamonds production up 21%

Johannesburg - Petra Diamonds said full-year production rose 21% and that it expected to produce 2.9 million carats to 3 million carats for the year ending June 2014.

The company, which has seven producing mines in South Africa and one in Tanzania, said production for the year ended June 30 rose to 2 668.305 carats from 2 208.862 carats a year earlier.

Revenue rose 27% to $402.7m.

"We remain on track to deliver on our growth plans to reach annual production of circa 5 million carats by FY 2019," Chief Executive Johan Dippenaar said in a statement.

Shares in the company closed at 117.3 pence on the London Stock Exchange on Monday.