Petra Diamonds agrees $244m new debt facility

Miner Petra Diamonds has agreed new debt facilities of $244m (£154m) to finance the expansions of two South African mines.

The new facility will be mainly used to expand the Finsch and Cullinan mines in South Africa, as well as helping the group’s general working capital needs.

Over the three months to September, Petra Diamonds' revenue jumped 188 per cent to $51.1m, and output soared 70 per cent to 654,690 carats.

Petra Diamonds said while there had been stoppages at its operations in South Africa, the lost production will be partly made up over the coming months, and there is no material change to the full-year production target.