Weak demand takes shine off Petra Diamonds revenue
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.
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.
Petra expects to produce about 3.8 million carats in 2020, slightly down from the 3.9 million carats it generated for the year ended June 30
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.
source: MINING.COM
Top News
Five last month
Two last year
Mali threatens to let Barrick mine permit lapse over dispute
China will hit peak copper around 2030, industry group says
Codelco suspends operations at copper refinery after worker’s death
Biden administration approves ioneer’s Nevada lithium mine
Could seaweed farms become the next generation of mines?
El-Erian says soaring gold is driven by dollar diversification
Gold price scales $2,800 amid US election uncertainty
Abandoned copper mines embraced as fast track to boost output
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Glencore posts lower metals output for first nine months, reiterates outlook
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Gold price scales $2,800 amid US election uncertainty
Nornickel raises 2024 production guidance for all metals
CHART: Copper price is being held hostage by Beijing
Nornickel raises 2024 production guidance for all metals
El-Erian says soaring gold is driven by dollar diversification
Gold stocks’ secular breakout
China will hit peak copper around 2030, industry group says
China will hit peak copper around 2030, industry group says
Glencore posts lower metals output for first nine months, reiterates outlook
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Gold price scales $2,800 amid US election uncertainty
CHART: Copper price is being held hostage by Beijing
El-Erian says soaring gold is driven by dollar diversification
Gold stocks’ secular breakout
Mali threatens to let Barrick mine permit lapse over dispute