RAPAPORT… Petra Diamonds recovered two gem-quality rough stones from
its Cullinan mine in South Africa Friday.
The 100.83-carat, D-color, type II
stone and another 6.12-carat, blue, type II diamond will be included in the company’s
upcoming tender later this month. Petra’s stock price rose 6% on the day of the announcement.
The company’s share performance has been suffering partly due to sluggish prices at Cullinan, with the stock price down about 50% since a year ago. Last month,
Juan Kemp, general manager of Cullinan, told Reuters he lay awake at night
wondering when the mine would yield its next big stone.
Image: The 100.83-carat white diamond. (Petra Diamonds)
Petra Unearths 101ct. Rough at Cullinan
The Bottom Line
- Petra Diamonds found a 100.83-carat, D-color, type II gem-quality diamond at Cullinan.
- A 6.12-carat blue, type II diamond was also recovered and both stones will be offered in an upcoming tender.
- Petra’s stock rose 6% following the announcement, despite a 50% decline over the past year due to weak Cullinan prices.
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