Business
Trading Update - Six months e
Trading Update - Six months e.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n RNS Number : 3010Z Petra Diamonds Ld 12 January 2011 \n \n\n \n \n \n\n\n\n\nFor immediate release\n\n\n12 January 2011\n\n\n\n\n \n\n\nAIM: PDL\n\n\n\n\n \nPetra Diamonds Limited\n(\"Petra\" or the \"Company\" or the \"Group\")\n \nTrading Update - Six months ended 31 December 2010\n \n \nPetra Diamonds Limited announces the following sales and production trading update (unaudited) for the six months ended 31 December 2010 (\"the Period\"), ahead of the publication of the Company's interim results for the Period on 21 February 2011.\n \nGross mine revenue was up 44%, mainly attributable to increased production from the Cullinan, Kimberley Underground and Koffiefontein mines, coupled with stronger prices achieved for the Period due to the sustained recovery in the rough diamond market. Total production for the Period was 582,102 carats and the Company is on track to achieve its production target of circa 1.3 million carats for the 2011 financial year (FY 2010 actual: 1,164,856 carats).\n \nLonger term, Petra's core objective is to double annual production to around 2.5 million carats by FY 2014 and further increase output to well over 3 million carats by FY 2019. All expansion plans required to achieve that target are progressing well. \n \n \nHighlights\n \nSales\n· Gross mine revenue* up 44% to US$90.0 million (H1 FY 2010: US$62.4 million)\n· Group mine revenue* up 87% to US$90.0 million (H1 FY 2010: US$48.2 million) \n· Gross carats sold up 2% to 584,234 carats (H1 FY 2010: 572,227 carats)\n· Revenue growth due to increased production from South African operations and stronger rough \ndiamond prices achieved during the Period\n \n* Further to the acquisition of an additional 37% interest in the Cullinan mine in November 2009, Petra now consolidates 100% of all mine revenue. Up until 16 November 2009, Petra accounted for its interest in Cullinan under the gross method of proportional consolidation, recognising 50% of revenue (and 13% minority interests). \n \nProduction\n· Gross production of 582,102 carats (H1 FY 2010: 614,594 carats) \n· The decrease in production was due to the planned roll-out ...