- Write by:
-
Tuesday, July 23, 2019 - 9:59:28 AM
-
854 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
Antwerp’s diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on ...
Debswana Diamond Company’s sales of rough diamonds fell 25.1% in 2023, data released by Botswana’s central bank late on ...
Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 ...
The World Federation of Diamond Bourses (WFDB) issued an open letter on Wednesday calling on the G7 nations and the ...
Christo Wiese, South Africa’s billionaire retail king, is going back to the future.
Anglo American will review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel ...
A Canadian unit of global mining company Rio Tinto is facing a criminal case after an employee was seriously injured at ...
Six people were killed after a small plane carrying global miner Rio Tinto’s workers crashed near Fort Smith in Canada’s ...
A small plane carrying Rio Tinto (ASX, LON: RIO) workers crashed near Fort Smith in Canada’s remote Northwest ...
No comments have been posted yet ...