Business
Koffiefontein Tender Results
Koffiefontein Tender Results.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n Petra Diamonds Ld\n24 September 2007\n\n\n24 September 2007\n AIM: PDL\n\nPetra Diamonds Limited\n\n\n Koffiefontein Mine Produces Strong Second Tender Results\n\n\n\nPetra Diamonds Limited ('Petra' or 'the Company') announces the results of the\nsecond sale of diamonds from the Koffiefontein mine, following the first tender\nresults announced on 7 August 2007.\n\n\nHighlights\n\n • 11,548 carats sold (underground production) for a total consideration of\n US$4.85 million, including an exceptional stone of 74.7 carats\n\n\n\n • The 74.7 carat stone was sold for US$1,012,636 (US$13,556 per carat),\n being the first ever diamond produced by Petra that sold for more than US$1\n million\n\n\n\n • The average value achieved for the 11,548 carats (including the 74.7\n stone) was US$420 per carat; the average value excluding the 74.7 carat\n stone was US$334 per carat\n\n\n\n • These average values are in line with those achieved in the first tender\n and therefore Petra management has now increased its longer term\n expectations for the value of underground production from the Koffiefontein\n mine\n\n\nAdonis Pouroulis, Chairman of Petra, commented; 'Koffiefontein is renowned for\nthe exceptional quality and value of its diamonds and, based on the consistently\nhigh average values per carat achieved at the two recent tenders, Petra has\nsubstantially upgraded its management revenue expectations for the mine. The\nacquisition of Koffiefontein introduced a major diamond mine to the Petra\nportfolio of producing assets, further consolidating Petra's position as AIM's\nleading diamond mining and exploration group.'\n\n\nThe Koffiefontein mine is in South Africa and was recently acquired by Petra\nfrom De Beers Consolidated Mines Limited ('De Beers'). The average sales value\nachieved at the first tender of Koffiefontein production (announced 7 August\n2007) was U$367 per carat (excluding an exceptional 60.25 stone sold for\nUS$736,000) and the prices received from the second tender, at US$334 per carat\n(excluding the 74.7 carat exceptional stone), are in line with those achieved on\nthe first tender.\n\nBased on these sale prices achieved, Petra management has significantly\nincreased its revenue projections for the mine. Managements approach is not to\ninclude exceptional stones in revenue planning, hence stones such as the 7...