Petra Diamonds has announced its production and financial performance for the year ended 30 June (FY2018).
Production was up 15% to 4.6 million carats, in line with guidance. The rise, according to Petra, is “due to the underground expansion programmes”. Revenue was up 21% to $576.4 million. FY 2019 production is expected to be 4.6 to 4.8 million carats. According to Petra, “the diamond market remained stable throughout FY 2018, with rough diamond prices on a like for like basis up ca. 2% for the Year, compared to FY 2017”.
Johan Dippenaar, CEO of Petra Diamonds, commented: “FY 2018 represents a solid progression for the Group after the challenges of FY 2017 and H1 FY 2018, and places our production on a firm footing, backed up by a strong safety performance. The future focus of the Group will be on the continued optimisation of production volumes and cost structures across our portfolio in order to maximise cash generation”.
