Petra expects to clock US$430 million in revenues

Petra Diamonds Limited announced that it expects the year to 30 June 2015 to deliver a production target of ca. 3.2 million carats. The company is in a transitional period at present, due to the underground production at Finsch and Cullinan being sourced from mature and diluted mining areas, causing variability in both the achieved ROM grade as well as in product mix due to the finer nature of the ore at this late stage in the life cycles of the old block caves and specifically at Cullinan, the treatment of high levels of C-Cut project development waste material through the main plant (as there are no separate waste handling facilities at the mine).

The company noted it expects revenue for the year to be around US$430 million. Its reliance on production from heavily diluted ore will become less of an issue during the course of FY 2016 as it will see increasing production from less diluted areas and from new mining areas providing access to undiluted ore and a reduction in waste development tonnes.

The Company's expansion programmes remain on time at both flagship operations and Petra remains on track to reach its longer-term target of ca. 5 million carats by FY 2019.