Publication Navigation

Site Navigation

Petra Diamonds shares begin Main Market trading

Publishing Date
21 Dec 2011 3:11pm GMT
Mining Journal

Shares in Petra Diamonds Ltd began trading on the Main Market of the London Stock Exchange on Wednesday following the company’s decision to migrate from the AIM exchange.

Since 2007, the company has transformed from a diamond explorer in Angola with small producing assets in South Africa, to a multi-mine producer, having purchased five kimberlite pipe assets from De Beers.

During that time, resources have grown from 9Mct to 300Mct, annual production has risen from 180,000ct to 1.1Mct, and annual  revenue from US$17 million to US$220 million.

Petra’s chairman, Adonis Pouroulis said: “Our core objective is to continue to deliver substantial growth over the coming years, as we steadily increase annual production to over 5Mct by FY 2019.”

The company has also announced a record unit price on a recent rough stone. In early December the 4.8ct blue diamond from the Cullinan mine in South Africa, sold for US$300,000/ct for a total  of US$1.45 million.

The company added: “Petra is also confident that it is one of the highest values per carat ever achieved on the sale of a rough diamond by any rough diamond producer."

Companies in this article

Visit the links below to read profiles, see stock information and read all news on companies mentioned in this article.

More News By Subject

Site Search

Read articles from the latest Print Edition - MJ 17/10/14

Professional PlacementsProfessional Placements: Executive Director - PDAC

The Prospectors & Developers Association of Canada (PDAC) is seeking an Executive Director (ED) to oversee its operations from its headquarters in Toronto, Ontario

Russian precious metals company Polymetal International plc’s commitment to establishing an extensive pipeline of growth projects has continued with the acquisition of the Kyzyl gold project.
Russian precious-metals company Polymetal International plc has made significant progress at the Semcha platinum-group metals (PGM) property in the past year as it moves the project towards a preliminary economic assessment
The Republic of Guinea intends to launch, pursuant to the mining Code, a competitive and transparent invitation to tender for three bauxite mining blocks located in the prefectures of Boffa, Boké and Télimélé.
Indochine Mining Limited is developing a high-grade gold project at Mt Kare in PNG by rapidly developing wide, high-grade gold zones
Sarama Resources is a West Africa-focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.

Recently published Reports:

No results were found