Posted in | News | Diamond | Earnings

Petra Diamonds Posts Record Profit

Petra Diamonds Ltd, the second largest producer of diamonds in Africa, has posted a record post tax profit of U.S.$70 million for the year ending June 30, 2010.

The group revenue has more than doubled from $69.3 million in 2009 to $163.7 million in 2010. Profits from the mining activities of the group have risen from $7.8 million to $ 67.2 million.

The annual gross production rose to 1.2 million carats, a rise of 6% compared to the previous year. Plans to double the production by the financial year 2014 see the company in talks with diamond giant De Beers to buys its Finsch and Namaqualand mines in South Africa.

They have also increaded ownership in the Cullinan mine from 37% to 74% and acquired the Kimberly Underground mine in the last year. The company has also sold Cullinan Heritage diamond for $35.3 million.

The CEO of Petra Diamonds Ltd, Johan Dippenaar said that the rough diamond prices are set to go up in the coming year as concerns over a double dip recession wane. He said that there is a potential for the market to end the year on a very firm footing.

In South Africa, Petra has six producing mines - Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star (the Fissures). In Tanzania, Petra has a 75% interest in the Williamson mine.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Petra Diamonds Limited. (2019, March 19). Petra Diamonds Posts Record Profit. AZoMining. Retrieved on July 24, 2024 from https://www.azomining.com/News.aspx?newsID=358.

  • MLA

    Petra Diamonds Limited. "Petra Diamonds Posts Record Profit". AZoMining. 24 July 2024. <https://www.azomining.com/News.aspx?newsID=358>.

  • Chicago

    Petra Diamonds Limited. "Petra Diamonds Posts Record Profit". AZoMining. https://www.azomining.com/News.aspx?newsID=358. (accessed July 24, 2024).

  • Harvard

    Petra Diamonds Limited. 2019. Petra Diamonds Posts Record Profit. AZoMining, viewed 24 July 2024, https://www.azomining.com/News.aspx?newsID=358.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.