Petra’s production up 64% in H1 of fiscal 2012

At the close of six months ending December 31, 2011, Petra Diamonds noted a 13 percent increase (on y-o-y basis) in its revenues to $101.4 million. The group production increased 64 percent to 953,553 carats in the said period. The Finsch mine, which the company acquired towards the latter part of 2011, is said to have stimulated the increased production.

Although six months noted some weakening in rough diamond prices in July, the markets showed stability towards the end of the year, which the company is expecting will continue through 2012. Yet, it is also expecting some volatility in rough diamond prices, triggered by global economic conditions.

For the full fiscal period, Petra is targeting production to increase to 2 million carats, from 1.116 million carats in fiscal 2011.