Petra Diamonds lowers production guidance

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But remains confident to delivery 5m carats per year by 2019.

By Craig Heatly

Diamond mining company Petra Diamonds has announced a lowered production guidance for the current financial year due to a revision of the mining potential at its Finsch site and the slightly lower production at the Williamson asset.

Despite this, the company appears to confident that it will achieve its target of delivering five million carats per year by 2019. Petra is aiming to deliver 2.85 million carats by 2013, a healthy increase of 30% from the previous year but still 0.25% lower than had been originally stated by the company.

Guidance levels have been adjusted to around 2.5 million tonnes per annum in 2012 and is expected to increase to 3.6 by 2015. Despite this, the firm revealed that they anticipate that they will increase production above these expected levels.

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Petra also offered that its diamond prices will remain flat for the remainder of the year but will steadily increase due to a gradual improvement in the conditions of global finance and the decrease in production.
 

 

 

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