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Petra Diamonds Reports 22% Fall In Annual Core Profit
Petra Diamonds Says Co Has Been Able To Lower Capex Budget For FY20
Petra Diamonds Posts Lower FY Rev, Cuts 2020 Capex View
Petra Diamonds Limited is an independent diamond mining company and supplier of rough diamonds to the international market. Its segments include Mining and Exploration. Mining segment includes the extraction and sale of rough diamonds from mining operations in South Africa and Tanzania. Exploration segment includes the exploration activities in Botswana and South Africa. Its portfolio includes over four underground kimberlite mines, an open cast kimberlite mine and tailings retreatment programs. Its mines include Finsch, Cullinan, Koffiefontein and Williamson. It has a resource base of approximately 312 million carats (Mcts). Cullinan ore body contains a diamond resource of approximately 194 Mcts. Koffiefontein mine produces white stones. Kimberley Underground operation comprises three kimberlite pipe mines: Bultfontein and Dutoitspan (serviced by the Joint Shaft and the Joint Shaft plant), and Wesselton (serviced by the Wesselton Shaft and the Wesselton plant).
52-53 Conduit Street
Non-Executive Chairman of the Board
Richard N. Duffy
Chief Executive Officer
Finance Director, Executive Director
Chief Operating Officer
Non-Executive Independent Director
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Petra Diamonds said on Monday it had recovered an extremely rare 20.08 carat blue diamond from its flagship Cullinan mine, the world's main source of rare blue diamonds.
Shares in African diamond miner Petra Diamonds <PDL.L> hit an all-time low on Monday after it missed forecasts with a 22% fall in annual profit, as a Sino-U.S. trade row and protests in Hong Kong dented demand in big Asian markets.
Petra Diamonds reported a 22% fall in annual profit on Monday as the precious metals miner grappled with a weak diamond market, and the company also said its non-executive chairman plans to step down.
Petra Diamonds Ltd <PDL.L> reported full-year revenue below analysts' estimates on Monday and said it expects next year's production to be slightly lower, as it struggles with a diamond market hit by weak demand and lack of easy credit.
Petra Diamonds Ltd said on Monday it expects production for the full year 2020 to be below current year's output of 3.9 million carats, and forecast lower capital spending for next year.
** Miner Petra Diamonds Ltd' shares down ~2.1% at 21.1p, after RBC Capital Markets slashes price target to 23p from 40p; the lowest across brokerages
(This May 14 story corrects first paragraph to show sale of diamond was to Stargems Group and Choron (Belgium) BVBA, not only to Stargems.)
Petra Diamonds said on Tuesday it sold its 425-carat 'Legacy of the Cullinan Diamond Mine' diamond to Belgium-based Stargems Group and Choron (Belgium) BVBA for $15 million.
Petra Diamonds said on Thursday it had recovered a 209.9 carat 'Type II' diamond at its flagship Cullinan mine, the third recovery of such a large gem since March.
African miner Petra Diamonds', which has high debt levels, aims to be cash flow positive in the second half of the year and will then be able to consider future developments, its new chief executive said on Monday.
Miner Petra Diamonds Ltd on Monday reported a 6.9 percent fall in third-quarter production at 924,228 carats, reflecting lower output at its Finsch mine.
African miner Petra Diamonds named a new chief executive on Monday as it works to cut debt and generate free cash flow after first-half core earnings were hit by lower diamond prices.
Miner Petra Diamonds Ltd has appointed former AngloGold Ashanti finance director Richard Duffy as its new chief executive officer, the company said on Monday as it reported first-half adjusted core earnings of $75.6 million.
* Mine owned by Petra Diamonds may take 5-10 years to clear debt
Shares of Petra Diamonds Ltd slid as much as 10 percent on Monday after lower diamond prices at its flagship Cullinan mine and an increase in net debt took the shine off higher half-year revenue.
Shares in Petra Diamonds Ltd slumped as much as 10 percent as lower diamond prices at its flagship Cullinan mine overshadowed an increase in half-year revenue.
* Adjusted EBITDA jumps in FY 2017 (Adds details, updates with comment, updates shares)
Petra Diamonds reported a 37 percent rise in full-year adjusted core earnings due to a strong performance of its mines and announced its chief executive would step down.
Petra Diamonds Ltd <PDL.L> forecast lower-than-estimated production for 2019 after reporting 2018 output at the bottom end of its previously guided range, sending its shares down more than 8 percent on Monday.
Miner Petra Diamonds Ltd reported a 20.8 percent rise in full-year revenue on Monday, helped by higher diamond prices and production.
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