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Weak Prices Dent Petra Revenue
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Petra Diamonds’ revenue fell in the first fiscal quarteramid a drop in the average price and a weaker product mix at three of itsmines. Revenue dropped 23% year on year to $61.6 million for thethree months ending September...
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Mining
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Oct 23, 2019
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Rapaport News
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Petra’s Loss Widens in Weak Market
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Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner reported its loss had broadened due to a devaluation of itsfour deposits. The company reported a net loss of $258.1 million for theperiod ending June 30,...
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Mining
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Sep 16, 2019
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Rapaport News
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Petra to Reduce Production as Prices Slip
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Shares in Petra Diamonds slipped 6% in early trading Monday after the minerreported it would lower its production for fiscal 2020. The company expects to produce about 3.8 million carats inthe financial year ending June...
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Mining
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Jul 22, 2019
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Rapaport News
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Troubles at Finsch Mine Hit Petra Output
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Production at Petra Diamonds fell in the third fiscalquarter due to operational challenges at its Finsch mine in South Africa, it said Monday. Output for the three months ending March 31 dropped 7% to924,228 carats. Production at Finsch plunged...
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Mining
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Apr 15, 2019
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Rapaport News
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Higher-Value Stones Lift Petra Revenue
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Petra Diamonds’ revenue jumped in the first fiscal quarter dueto demand for higher-quality goods. Revenue surged 22% year on year to $80.2 million for thethree months ending September 30, the miner reported Monday....
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Mining
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Oct 24, 2018
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Rapaport News
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Petra Boss Steps Down Amid $203M Loss
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Petra Diamonds CEO Johan Dippenaar will leave the company afterit recorded a huge loss during the fiscal year, it said Monday. The company reported a net loss of $203.1 million for the periodending June...
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Mining
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Sep 17, 2018
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Rapaport News
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Petra Drops After Weak Production Outlook
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Shares in Petra Diamonds slipped on Monday after the miner loweredits production forecast for fiscal 2019. The company expects to produce between 4.6 million and 4.8million carats in the fiscal year ending June 2019,...
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Mining
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Jul 23, 2018
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Rapaport News
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De Beers, Botswana Prep for New Sales Deal
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Botswana once again finds itself at a crossroads. The sparsely populated,landlocked country is in a constant battle to ensure the longevity of itsdiamond industry.Recognizing that diamond mining will not last forever, thegovernment’s beneficiation program has sought to establish...
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Mining
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Jul 09, 2018
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Avi Krawitz
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Petra Sells Kimberley Mine for $22M
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Petra Diamonds will offload its majority stake in theKimberley mine, claiming the deal will ensure a sustainable future for theproject and help the company focus on its core assets. Ekapa Mining has agreed...
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Mining
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Jul 05, 2018
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Rapaport News
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Petra to Raise $178M to Repay Debt
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Petra Diamonds plans to sell stock to shareholders in a bidto raise $178 million and pay off its debt, it said Thursday. The miner will issue 332.8 million new shares for $0.54 (GBP0.40) each, a steep...
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Mining
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May 24, 2018
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Rapaport News
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Petra Diamonds Posts Heavy Loss
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Petra Diamonds slumped to a significant loss in the first fiscalhalf as the South African rand strengthened against the dollar, reducing the value of two mines the company operates in the country. The net loss came...
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Mining
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Feb 19, 2018
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Rapaport News
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Diamond Seizure Dents Petra’s Sales
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Petra Diamonds’ sales fell in the first fiscal half afterthe Tanzanian government confiscated a parcel of rough stones from itsWilliamson mine. Authorities seized 71,654 carats destined for Antwerp inSeptember, claiming that Petra had...
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Mining
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Jan 29, 2018
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Rapaport News
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Explorer Looks to Revive Historic Diamond Area
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Botswana Diamonds has discovered a potential spot fordiamond mining in an area of South Africa that it claims was an importantregion for the sector in the 19th century.A number of diamond mines existed in the Free State Projectarea prior...
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Mining
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Oct 30, 2017
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Rapaport News
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Confiscated Diamonds Weigh on Petra Revenue
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Petra Diamonds reported a 17% slide in revenue during its first fiscal quarter after a valuation dispute with Tanzanian authorities.Revenue fell to $78.7 million in the July-to-September quarter, including $10.9 million in revenue from exceptional diamonds,...
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Mining
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Oct 23, 2017
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Rapaport News
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Strikes End at Petra Diamonds’ Mines
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Petra Diamonds has reached a new wage agreement with workers at three of its South African mines, bringing strikes atthe projects to an end.The company struck a deal with the National Union ofMineworkers over salaries at the...
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Mining
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Oct 01, 2017
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Rapaport News
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Petra Strikes Spread to Koffiefontein Mine
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Workers are striking at Petra Diamonds’ Koffiefontein minein South Africa, adding to industrial action already taking place at two of thecompany’s other projects in the country. South Africa’s National Union of Mineworkers informed therough producer of the...
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Mining
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Sep 24, 2017
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Rapaport News
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Petra Hit by Strikes at Two Mines
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Workers are striking at two Petra Diamonds projects inSouth Africa, adding to the company’s woes amid uncertainty over the future of anothermine in Tanzania.Industrial action has been disrupting operations at the Finsch and Kimberley mines...
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Mining
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Sep 19, 2017
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Rapaport News
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Petra Diamonds’ Output Disappoints
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Shares in Petra Diamonds slumped by 10% after the company reported production was well below planned for the fiscal year that ended June 30. Petra said output rose 8% to 3.7 million carats for...
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Mining
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Jul 24, 2017
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Rapaport News
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Petra Cautious After Labor Unrest
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Petra Diamonds’ share price fell on Monday as industrialaction at its Cullinan mine forced the company to offer a cautious outlook onproduction.Labor stoppages delayed the expansion program known as theC-Cut extension at the South Africa mine, the...
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Mining
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Feb 20, 2017
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Rapaport News
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Petra Sales Rise Despite Depressed Prices
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Petra Diamonds’ revenue climbed in fiscal year 2016 as increasedsales by volume outweighed a drop in rough prices.Revenue rose 1.4 percent to $430.9 million in the 12 monthsthat ended June 30, Petra reported. Diamond sales by weight jumped 8.8...
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Mining
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Jul 25, 2016
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Rapaport News
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