Petra hits output target prices hit cashflow

[miningmx.com] – PETRA Diamonds said it was on course for full-year diamond production of up to 3.4 million carats in its 2016 financial year but that lower prices had hit cash flows.

Rough diamond prices fell 9% in the first half of the financial year compared against the fourth quarter of the 2014 calendar year. However, the cash impact “… has been mitigated” by the weaker South African rand, it said.

“We have made a good start to the year, with production of 1.6 million carats ahead of our target for H1 FY 2016 of 1.5 million carats placing us in a good position to achieve full year guidance of 3.3 to 3.4 million carats,” said Petra CEO, Johan Dippenaar.