Business
IMS and Q1 FY 2014 Production and Sales Report
IMS and Q1 FY 2014 Production and Sales Report.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 7449S Petra Diamonds Limited 12 November 2013 \n \n\n \n \n\n\n\n\n12 November 2013\n\n\nLSE: PDL\n\n\n\n\n \n \nPetra Diamonds Limited\n(\"Petra\" or the \"Company\" or the \"Group\")\n \nInterim Management Statement and Q1 FY 2014 Production and Sales Report \n \n \nPetra Diamonds Limited announces its Interim Management Statement (\"IMS\") for the period from 1 July 2013 to 11 November 2013, covering production and sales from 1 July 2013 to 30 September 2013 (\"Q1 FY 2014\" or \"Q1\").\n \n \nHIGHLIGHTS\n· Strong production run rate for Q1 FY 2014, up 25% to 816,735 carats (Q1 FY 2013: 654,690 carats); Petra maintains its production guidance of circa 3 million carats for the year to 30 June 2014 (\"FY 2014\").\n· Revenue for Q1 FY 2014 up 27% to US$65.1 million (589,233 carats) (Q1 FY 2013: US$51.1 million; 318,700 carats).\n· The Group's second tender of FY 2014 closed in Q2 FY 2014 and recorded revenue of US$55.7 million (442,566 carats); cumulative revenues for FY 2014 to date now stand at US$120.8 million.\n· Two exceptional white stones of 126.4 carats and 91.5 carats were recently recovered at Cullinan; both stones are examples of the sizeable Type IIa diamonds that the Cullinan mine is known for and are considered to be of top colour and quality. The Company has also recovered a number of other high quality stones in Q2 FY 2014, and these 'specials' will enhance the average prices achieved at the Company's late November tender. To view pictures of these special diamonds, visit www.petradiamonds.com/media/image-library/diamonds.\n· The diamond market exhibited weaker price performance in the post summer period, but Petra now expects a firmer market through to calendar year end and in H2 FY 2014. Further to the increased recovery of higher value stones in Q2 (as noted above), combined with improved market conditions, Petra maintains its overall guidance for average prices for full year FY 2014. \n· At Finsch (due to the plant changes previously announced) grades are exceeding guidance, resulting in a lower average price per carat due to the increased recovery of smaller goods, but importantly an increased overal...