- Write by:
-
Tuesday, July 23, 2019 - 9:59:28 AM
-
875 Visit
-
Print
Mining News Pro - South Africa’s Petra Diamonds (LON:PDL) on Monday became the latest victim of weak demand for precious stones that is crippling the industry after reporting full-year revenue below analysts’ estimates.
According to Mining News Pro - The company, owner of the iconic Cullinan mine in South Africa, where the world’s biggest-ever diamond was found in 1905, also said it anticipated that next year’s production would be slightly lower.
It now expects to produce about 3.8 million carats in 2020, compared to the 3.9 million carats it generated for the year ended June 30.
Petra, which recently appointed former gold miner Richard Duffy as chief executive, has been seeking to turn around its fortunes after piling up debt to expand Cullinan. It said it was targeting $150 million to $200 million of free cash flow over the next three years.
Over the past year, diamond miners have had a hard time as demand remains weak, while supply, especially for smaller and cheaper stones, has increased.
Last week, the world’s biggest miner of precious stones, De Beers, also reported an output drop and cut guidance for the year.
Short Link:
https://www.miningnews.ir/En/News/401731
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Irish explorer Karelian Diamond Resources (AIM: KDR) said on Tuesday its search for precious stones in Finland has taken ...
An unusually warm winter in Canada this year has delayed the opening of a 400-kilometer (250-mile) ice road that is ...
Russia will regularly buy diamonds from sanctions-hit producer Alrosa through a state fund, the finance ministry said on ...
Antwerp’s diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on ...
No comments have been posted yet ...