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Petra Expects 22% Rise in Output over Next Five Years 

June 30, 2024  |  Leah Meirovich

Petra Diamonds has forecast that its production will increase by at least 22% by fiscal year 2029 amid expansions to its Cullinan and Finsch mines. 

The miner expects total output for fiscal 2024, which ends June 30, to reach between 2.7 million and 2.8 million carats, it said last week. Next year, it has set that figure at 2.8 million to 3.1 million carats, and it believes production will come to between 3.4 million and 3.7 million carats by 2029. 

The anticipated increase is due to the company’s updated life-of-mine plans for its two South African deposits. Petra has received approval to extend the Cullinan mine further, which will keep the site open until 2048, it said. In 2022, the miner spent $173 million to prolong its lifespan until 2031. Meanwhile, the Finsch mine will have the potential to continue production until 2038. Two years ago, Petra announced it had invested $216 million to expand its production until 2030. 

Petra has also introduced measures that would enable it to reduce its annual operating costs by $30 million, beginning in fiscal 2025, it explained. 

“We have worked hard to deliver an updated business profile in response to ongoing market challenges and to further enhance our resilience to future market and capital cycles,” said Petra CEO Richard Duffy.  

Separately, the company has promoted Johan Snyman to chief financial officer, from October 1. Snyman, group financial controller since January, replaces Jacques Breytenbach, who will step down at the end of September. 

Image: The Finsch mine. (Petra Diamonds)

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