Petra Diamonds Ltd. (LSE:PDL) provided a trading update for the year ended June 30, 2014, commenting that its production is up 17 percent from the previous year, at 3,110,823 carats.
The company will release its preliminary results for the year on September 22, 2014.
Other highlights include:
- Revenue up 17% to US$472.6 million (FY 2013: US$402.7 million).
- Costs remained well controlled despite the ongoing inflationary pressures experienced in the mining industry, specifically labour and electricity; further detail will be given in the Full Year Results announcement.
- Capex of US$210.0 million (FY 2013: US$191.2 million), in accordance with the roll-out of the Group’s expansion programmes.
- Cash at bank of US$33.3 million (30 June 2013: US$26.2 million); this figure excludes debtors received shortly after year end of US$55.4 million (30 June 2013: US$74.8 million).
- Net debt at 30 June 2014 of US$125.6 million (30 June 2013: US$120.8 million), in line with management’s expectations.
- A firmer diamond market was experienced in H2 FY 2014, with rough diamond prices achieved by Petra for FY 2014 either in line with or above guidance.
- Recovery of an exceptional 122.5 carat blue diamond at the Cullinan mine in June 2014,which the Company expects to sell in FY 2015.
|Get our expert guide to diamond investing FREE! Download this FREE Special Report, Investing in Stornoway Diamonds or Other Canadian Diamond Mines – Beyond the Diamond Price Calculator.|