Petra narrows half-year loss

MINING group Petra Diamonds yesterday said it has narrowed its half-year net losses after tax to $15.2m (£10.1m), as rising revenues were offset by a $17.8m charge linked to its ongoing sale of Fissure Mines in South Africa.

Revenue increased by 63 per cent to $151.7m for the six months to the end of December due to increased production, though labour disruptions meant the rise was lower than forecast. The firm plans to further raise output this year.