ANNUAL DATA
Petra lifts revenue and output
Investors focus on a missed full-year production target for the year to June, sending the share price down 9%
Petra Diamonds is keeping its lenders fully apprised of its mining projects in SA as it nears a September measurement of debt covenants that it could breach because of delays in a large processing plant at Cullinan and peak financing of two large growth projects. Petra, which is listed in London and a major producer of diamonds in SA, turned in record annual production and revenue data, though investors focused on a missed full-year production target for the year to June, sending the share price down 9% to 99.7p. Petra reported output of 4-million carats compared with a target of 4.4-million carats. It said its full-year revenue would be up to 9% below market consensus when it released results in September. Net debt ballooned to $554m from $382m a year earlier. "Despite setbacks during the year, Petra has delivered both record production and revenue and is looking to become cash-flow positive during financial 2018, as it accesses undiluted ore from new production areas at Finsch and...
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