Business
Koffiefontein Tender Result
Koffiefontein Tender Result.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n07 August 2007\n\n\n7 August 2007 AIM: PDL\n\n Petra Diamonds Limited\n\n Koffiefontein - Tender Results\n\n\nPetra Diamonds Limited ('Petra') announces the results of the first sales of\ndiamonds from the Koffiefontein mine following the recent completion of the\nacquisition of the mine and associated assets from De Beers Consolidated Mines\nLimited.\n\n\nHighlights\n\n\n • 16,698 carats sold (all underground production) for a total consideration\n of US$6.85 million, being 16,637.80 carats (which included 35 stones larger\n than 10 carats each) as well as one exceptional stone of 60.25 carats\n\n • The average value achieved for all 16,698 carats (including the 60.25\n stone) was US$410 per carat\n\n • The 16,637.80 carats achieved an average of US$367 per carat (excluding\n the 60.25 stone)\n\n • The 60.25 carat stone was sold for US$736,000\n\n\n\nAdonis Pouroulis, Chairman of Petra, commented; 'Petra is delighted with the\nprices achieved from the first sale of diamonds from Koffiefontein since Petra\nrecommenced operations. We expect a similar level of interest in future\nKoffiefontein sales and prices at this level mean that Koffiefontein will\ncontribute far more to Petra's group turnover than originally anticipated.'\n\n\nKoffiefontein is well known for the exceptional quality and value of its\ndiamonds, as supported by the prices achieved for this first sale of 16,698\ncarats. Should these valuations continue to be achieved in the longer term, then\nPetra would expect gross annual revenues from the mine (as previously announced)\nof approximately US$20 million to be substantially exceeded (based on annual\nsales from Koffiefontein of approximately 95,000 carats), as Petra assumed a\nprudent value of US$245 per carat (underground production) when considering the\nacquisition of Koffiefontein. Petra's net interest in Koffiefontein is 70%, with\nits BEE partners holding the remaining 30%.\n\n\nEnds\n\n\nFor further information, please contact:\n\nJustine Howarth Telephone: +44 (0) 20 7851 7480\nParkgreen Communications, London\n\n\nAdrian Hadden / Chris Rollason Telephone: +44 (0) 20 7523 8000\nCollins Stewart, London\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]