|Petra Diamonds Limited (Petra) has released its annual report for the fiscal year ended 30 June 2017 (FY 2017), reporting an 8 percent increase in rough diamond production, which reached 4 million carats for the period, compared to 3.7 million carats in FY 2016. (Production was below the original guidance for FY 2017 of 4.4-4.6 million carats.)
The diamond mining company's revenue reached US$477 million, up 11 percent year-over-year, from the sale of approximately 4.04 million carats of rough diamonds (up 17 percent compared to sales in FY 2016).
The annual report shows net profit after tax of US$20.7 million for FY 2017, a significant drop of 69 percent compared with the US$66.8 million net profit for FY 2016.
Petra's report notes that production is on track to reach FY 2018 guidance of 4.8-5.0 million carats. As the company ramps up production from the new undiluted mining areas from their underground mines (most notably at Cullinan), reducing production from tailings, it expects to produce higher average grades and a better quality product mix.Petra has diamond mining interests in six producing operations: five mines in South Africa (Finsch, Cullinan, Koffiefontein and Kimberley Underground), extensive tailings operations in Kimberley, and one mine in Tanzania (Williamson). In addition, the company is undertaking exploration programs in Botswana and South Africa.