Petra Diamonds tumbles as it revises down output goal

MINER Petra Diamonds yesterday revised down its full-year production guidance, sending its shares tumbling.

The diamond miner said it expected its full-year production for 2013 to be around seven per cent – or 200,000 carats – lower than previous guidance of 2.85m.

The FTSE 250 firm yesterday posted a buoyant trading update, with production up 31 per cent to 1.24m carats over the six months to December, boosted by the ramp-up of the Williamson and Kimberley Underground mines, and the inclusion of the Finsch mine in the portfolio.

While production over 2012 jumped, Petra added that its South African operations were affected by brief stoppages, and these resulted in production losses during its first half, which caused it to revise down its forecasts.

Meanwhile, revenue soared by 54 per cent to $156.3m (£99.2m), up from $101.4m over the previous year.

“Our production growth plans remain in place, with targeted output growing to 5m carats by 2019,” chief executive Johan Dipenaar said yesterday.

It closed down 4.83 per cent.