Petra Diamonds today said it was “well on the way” to meeting its target of five million carats a year by 2019 after production and revenue grew in its third quarter.
Boss Johan Dippenaar said Petra would remain in “transition” and see only “smallish” upticks in the next three or four quarters, but was “continuing to deliver according to the plan”.
Petra is nearing the end of its “peak [capital expenditure] year” after an expansion, the opening up undiluted mining areas and integration of the Kimberley Mines in South Africa.
Third-quarter production rose 26% to 995,905 carats, and revenue grew 25% to $120.5 million (£82.8 million). Rough diamond prices rose 3.5%.