Petra Diamonds Ld
07 August 2007
7 August 2007 AIM: PDL
Petra Diamonds Limited
Koffiefontein - Tender Results
Petra Diamonds Limited ('Petra') announces the results of the first sales of
diamonds from the Koffiefontein mine following the recent completion of the
acquisition of the mine and associated assets from De Beers Consolidated Mines
Limited.
Highlights
• 16,698 carats sold (all underground production) for a total consideration
of US$6.85 million, being 16,637.80 carats (which included 35 stones larger
than 10 carats each) as well as one exceptional stone of 60.25 carats
• The average value achieved for all 16,698 carats (including the 60.25
stone) was US$410 per carat
• The 16,637.80 carats achieved an average of US$367 per carat (excluding
the 60.25 stone)
• The 60.25 carat stone was sold for US$736,000
Adonis Pouroulis, Chairman of Petra, commented; 'Petra is delighted with the
prices achieved from the first sale of diamonds from Koffiefontein since Petra
recommenced operations. We expect a similar level of interest in future
Koffiefontein sales and prices at this level mean that Koffiefontein will
contribute far more to Petra's group turnover than originally anticipated.'
Koffiefontein is well known for the exceptional quality and value of its
diamonds, as supported by the prices achieved for this first sale of 16,698
carats. Should these valuations continue to be achieved in the longer term, then
Petra would expect gross annual revenues from the mine (as previously announced)
of approximately US$20 million to be substantially exceeded (based on annual
sales from Koffiefontein of approximately 95,000 carats), as Petra assumed a
prudent value of US$245 per carat (underground production) when considering the
acquisition of Koffiefontein. Petra's net interest in Koffiefontein is 70%, with
its BEE partners holding the remaining 30%.
Ends
For further information, please contact:
Justine Howarth Telephone: +44 (0) 20 7851 7480
Parkgreen Communications, London
Adrian Hadden / Chris Rollason Telephone: +44 (0) 20 7523 8000
Collins Stewart, London
This information is provided by RNS
The company news service from the London Stock Exchange