Petra still expecting record production, despite lowering FY guidance

JOHANNESBURG (miningweekly.com) – A slower-than-anticipated build-up of its expansion programmes has prompted Petra Diamonds to lower its full-year production guidance by 8% to 9% from the 4.4-million previously targeted.

This, the LSE-listed diamond miner said, would have a coinciding 8% to 9% impact on its revenue, which will be below market expectations.

Nevertheless, Petra said it was still on track to achieve record revenue and production figures for the financial year.

Further, it has reached an operational run rate across the group that supports the production guidance of five-million carats for the 2018 financial year.

The company outlined that while the ramp-up of production from the sublevel cave at Finsch took longer than expected, it was now operating at the required levels, while both mills and crushing circuits at the new Cullinan plant have been commissioned.