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Petra's Revenue +17% in 2014

Jul 28, 2014 3:15 AM   By Deena Taylor
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RAPAPORT... Petra Diamonds reported that revenue rose 17 percent year on year to $472.6 million during the fiscal year that ended on June 30 as production rose and rough prices firmed.

The company sold 3,134,706 carats during the year, 23 percent more than one year ago. Two exceptional stones sold for over $5 million, achieving a total of $34.1 million. These included the 126.40-carat white diamond from the Cullinan mine, which fetched $8.5 million and a 29.60-carat blue diamond that sold for $25.6 million.

Group production rose 17 percent to 3.11 million carats, above the company's guidance of 3 million carats, due to an increased contribution from the company's Finsch, Williamson, Koffiefontein and Kimberley underground mines.

Petra noted that the rough diamond market was stronger during the second half of the fiscal year, with prices in 2014 rising by around 10 percent, which was above the company's guidance for the year.

Production at the Finsch mine rose 33 percent to 1.885 million carats, due to an increase in run of mine and tailings grades. Sales from Finsch totaled $183.7 million for 1.336 million carats, with an average price of $99 per carat. Production at the Cullinan mine fell 5 percent to 823,169 carats, while sales jumped 22 percent to $162.8 million, for an average price of $185 per carat.

Petra's Koffiefontein mine produced 50,735 carats, 45 percent higher than one year ago due to increased tailings treatment. Sales grew 61 percent to $26.7 million. The company's Kimberley underground operation recorded production of 126,917 carats and sales of $38.8 million. Production at the company's Williamson mine in Tanzania rose 15 percent to 188,465 carats and generated $53.9 million in sales, while the Helam fissure mine in South Africa produced 35,148 carats and achieved $5.8 million from sales.

At the end of the fiscal year, Petra had $33.3 million cash on hand, debt of $55.4 million and diamond inventory of 321,948 carats valued at $26.4 million.

Petra's CEO, Johan Dippenaar, explained that the company saw solid production and revenue growth during the year and is on track to achieve annual production of 5 million carats by fiscal 2019. He also noted that the company's expansion programs remain on schedule and on budget. Dippenaar stressed that the group maintains a positive market outlook due to constrained supply and a firm U.S. market, as well as continued growth in emerging markets. 

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Tags: Cullinan, Deena Taylor, diamonds, Finsch, Kimberley Underground, Koffiefontein, Petra Diamonds, Rough Diamonds, Williamson
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