Petra Diamonds agrees new debt

Miner Petra Diamonds has agreed new debt facilities of $244m (£154m) to finance the expansion of two South African mines. The new facility will be used to expand the Finsch and Cullinan mines in South Africa, as well as helping the group’s working capital needs. In the three months to September, revenue rose 188 per cent to $51.1m, and output soared 70 per cent. Chief executive Johan Dippenaar told City A.M. diamond prices would tick up next year, and that the market would steady in 2013.