Petra achieves higher average prices in its rough diamond sales

Petra Diamonds concluded its fiscal year ending June 30, 2010, with an increase in gross production, gross revenues and average price per carat of rough diamonds sold, in the said 12 months. Gross revenues increased 88 percent to $177.7 million.

Average price increased at the major mines of the company; at Cullinan mine by 114 percent y-o-y to $141 per carat, at Koffiefontein by 60 percent to $402 per carat and by 25 percent to $157 per carat at Williamson mine. The company’s fissure mines - Helam, Sedibeng and Star recorded a 1 percent drop in average prices to $185 per carat. The behavior of the rough diamond prices according to the company has resumed to levels of June and July 2008. The company expects some consolidation in the third quarter, and a significantly improved year end.

Gross production rose 6 percent to 1.164 million carats. The Cullinan mine made up for majority of production in the said 12 months, and its production rose 4 percent to 927,931 carats. Koffiefontein mine’s production spurred by 16 percent to 60,089 carats, and at the fissure mines by 4 percent to 74,232 carats. Williamson mine noted 20 percent increase in production to 101,071 carats. The Kimberley Underground mine in South Africa contributed 1,362 carats.