Petra Diamonds Updates 2015 Production To 3.2 Million Carats

(IDEX Online) – Petra Diamonds has updated its full-year 2015 production by 3 percent on the 2014 figure to 3.2 million carats.

"Consistent with previously guided mine plans, the increased contribution from undiluted ROM [Run of Mine] ore from FY 2016 onwards will accelerate the growth in carat production and Petra remains firmly on track to meet its target of approximately 5 million carats per annum by FY 2019."

Diamond prices for FY 2015 guided above actual average values achieved in FY 2014 (apart from Williamson), the miner said in a statement.

"Expectations [are] for average prices to rise even higher in the period to FY 2019 as the growth will come from ROM production (as opposed to tailings) which will deliver higher value carats to Petra’s product mix."

Total operating costs are under control and largely in line with prior guidance.

Capital expenditure to FY 2019 remains fully funded via company cashflows and current debt facilities, the firm added.