Last checked at 7 Oct 2013 07:00
7 October 2013 | LSE: PDL |
Petra Diamonds Limited
("Petra" or the "Company" or the "Group")
Production Update
Further to the recent industrial action at certain of the Group's South African mines, which concluded on 16 September 2013, the Company is pleased to advise that production of 816,735 carats was delivered for the three months to 30 September 2013 ("Q1 FY 2014").
Given this strong production run rate (despite the challenging labour conditions and associated work stoppages), Petra remains on track to meet its stated production guidance of 3.0 million carats for the full year to 30 June 2014 ("FY 2014").
Petra will release its Interim Management Statement, giving detailed production and sales results for Q1 FY 2014, in November. This material production update has been given following the conclusion of the industrial action.
Johan Dippenaar, Chief Executive Officer, commented:
"We are very pleased with the strong production rate with which we have started the 2014 financial year. Delivering this performance is testament to the quality and perseverance of Petra's operations management teams. The Company remains firmly on track to reach record output of 3 million carats in FY 2014."
For further information, please contact:
Petra Diamonds (Corporate Communications) | Telephone: +44 20 7494 8203 |
Cathy Malins | cathym@petradiamonds.com |
Buchanan (PR Adviser) | Telephone: +44 20 7466 5000 |
Cornelia Browne Bobby Morse Louise Mason | corneliab@buchanan.uk.com bobbym@buchanan.uk.com louisem@buchanan.uk.com |
RBC Capital Markets (Joint Broker) | Telephone: +44 20 7653 4000 |
Martin Eales Jonathan Hardy | martin.eales@rbccm.com jonathan.hardy@rbccm.com |
Canaccord Genuity Limited (Joint Broker) | Telephone: +44 20 7523 8000 |
Andrew Chubb | achubb@canaccordgenuity.com |
Chris Fincken | cfincken@canaccordgenuity.com |
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company has interests in six producing mines: five in South Africa (Finsch, Cullinan, Koffiefontein, Kimberley Underground and Helam) and one in Tanzania (Williamson). It also maintains an exploration programme in Botswana.
Petra offers an exceptional growth profile, with a core objective to steadily increase annual production to 5 million carats by FY 2019. The Group has a major resource base in excess of 300 million carats.
Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a member of the FTSE 250.
For more information, visit the Company's website at www.petradiamonds.com.