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Petra ramp-up slips

Petra Diamonds' (LN:PDL) ramp-up programme fell behind expectations in the 12 months to June 30, even as the diamond miner’s production kept growing.

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Slippery ramp: Cullinan produced 139,000ct compared to RBC's estimate of 243,000ct in the 12 months ending June 30

Petra had to spend more than anticipated in the year to June 30 and is now having to renegotiate with its bankers over debt covenants that will be tested at the end of the September quarter.