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South African diamond miner boosts production
South African miner Petra Diamonds increased its production to some 1.07 million carats in the first quarter of its financial year 2019, up 21% compared with the same period a year earlier.
"The first quarter of FY 2019 shows solid operational delivery, underpinned by strong safety performance, with the ramp up of our expansion programmes leading to a healthy increase in ROM carat production, thereby supporting our expectation of free cash flow generation and subsequent debt reduction," Johan Dippenaar, the chief executive of Petra Diamonds, said in a statement.
The company’s quarterly revenue increased by 22% to some US$80.2 million
The miner says its portfolio comprises four producing operations, including three underground mines in South Africa and one open pit mine in Tanzania. Petra Diamonds also maintains an exploration programme in Botswana, according to data released by the firm.