Market NewsCommentPetra revenue boosted by Koffiefontein

Petra revenue boosted by Koffiefontein

Petra Diamonds reported its first six monthly trading update, with a sharp increase in revenue lifted by the Koffiefontein mine in South Africa. The AIM-listed company said revenue for the period totalled S$31.7 million, compared to $8.2 million in the previous year period, an increase of 286%. Strong diamond prices at its fissure mines also helped boost revenue, the company said. Koffiefontein sales came on stream in July 2007. Petra sold 115,918 carats during the six months ended December 2007 period, a 79% increase on the 6 months to 31 December 2006. It said two exceptional diamonds were sold for more than $1 million each during the period, a 74.7 carat diamond for $1,012,636 from Koffienfontein and a 99.43 carat diamond for US$1,305,009 from its Sedibeng production. The acquisition of both the Cullinan and Kimberley Underground mines are still subject to regulatory approvals. Petra said the completion of both of these transactions "is progressing well."

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