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Market NewsNewsPetra shares hit by production cut forecast

Petra shares hit by production cut forecast

Petra Diamonds Ltd. tumbled in London after the African miner cut its forecast for the number of gems it will mine this year and said a stronger South African rand would hurt profit, Bloomberg reported.

Petra said Monday its 2018 financial-year earnings would be as much as 15 percent lower than the analysts expect after the rand strengthened against the U.S. dollar, making the cost of mining more expensive. The company also said it will produce fewer diamonds as it focuses on recovering larger, more expensive stones, the Bloomberg report said.

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