Petra Diamonds digs deep to post sparkling full-year results

Suzie Neuwirth
AIM-LISTED miner Petra Diamonds yesterday posted a 27 per cent increase in full-year revenue and a 21 per cent rise in production, boosted by demand from the growing middle classes in emerging markets.

The company reported profit of $27.9m (£17.5m) this year, compared to a $2.1m loss last year. Revenue rose to $402.7m over the period.

However, exploration expenses rose to $4.8m from $3m the year before and corporate overheads rose to $11.4m from $10m.

The diamond market has remained relatively buoyant in contrast to other parts of the mining sector.

Chief executive Johan Dippenaar said he expects prices to remain stable next year and anticipates continued – albeit slowed – growth in China.