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By
Reuters
Published
Nov 13, 2012
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Petra Diamonds production boosted by Finsch mine

By
Reuters
Published
Nov 13, 2012

LONDON - South Africa-focused miner Petra Diamonds said production increased 70 percent in its first quarter, largely due to the inclusion of output from the Finsch mine it acquired last year.

Petra, which faced worker unrest at its Cullinan and Kimberley Underground mines in South Africa last month, on Tuesday said the events impacted its production in the three months to the end of September, but that it expected to make up for some of the lost production in the coming months.

Petra, which has seven operating mines in South Africa and one in Tanzania, maintained its forecast of producing 2.85 million carats in the year to the end of June 2013.

First-quarter production rose to 654,690 carats from 384,543 carats a year earlier, it said, adding that revenue almost trebled to $51.1 million.

The Finsch mine - South Africa's second largest diamond operation by production which Petra bought from De Beers in 2011 - contributed 320,614 carats to the company's first-quarter production.

Petra also said it had agreed new debt facilities of about $244 million with a group of banks.

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