Petra Diamonds reports $70m in profit

petradiamonds_cullinanheritage.jpg

Company recovers from a $8.6 million loss in 2009.

Petra Diamonds Limited has reported record post tax profits of $70 million for the year ending on June 30 2010.

Group revenue more than doubled to $163.7 million from $69.3 million in 2009, whilst the profit from its mining activity soared to $67.2 million from $7.8 million. Annual gross production rose 6 percent to 1.2 million carats.

Expansion plans are on target to more than double production by financial year 2014 and to more than triple production by final year 2019. To support this, the company has raised $120 million in equity fund raising and agreed new debt facilities of $78 million with IFC and Rand Merchant Bank.

Story continues below
Advertisement

Other highlights for the company over the past year included an increased ownership in Cullinan mine from 37 percent to 74 percent, the completed acquisition of Kimberley Underground mine and the sale of the 507 carat Cullinan Heritage diamond for $35.3 million.

Authors

*

Related posts

Top