TIDMPDL
RNS Number : 2615N
Petra Diamonds Limited
24 October 2016
This announcement contains
inside information
LSE: PDL
24 October 2016
Petra Diamonds Limited
("Petra" or "the Company" or "the Group")
Trading Update - Q1 FY 2017 Production and Sales Report
Petra Diamonds Limited announces the following trading update
(unaudited) for the period from
1 July 2016 to 21 October 2016, covering production and sales
from 1 July 2016 to 30 September 2016 ("Q1 FY 2017" or "Q1" or the
"Period").
SUMMARY
-- Q1 production up 30% to 1,097,523 carats (Q1 FY 2016: 842,796
carats), due to increased contribution from undiluted ROM ore,
improving ROM grades and additional tailings production from
Kimberley Ekapa Mining.
-- Q1 revenue US$94.7 million from 745,447 carats sold (Q1 FY 2016: no tender held).
-- Following the Period end, Petra closed its second tender of
FY 2017 yielding ca. US$66.4 million (ca. 574 kcts sold), with a
third and final tender for H1 FY 2017 scheduled for early December
2016. Prices achieved during the second tender held firm with
year-to-date rough diamond prices remaining flat on a like for like
basis in comparison to H2 FY 2016.
-- Expansion programmes, including the Cullinan plant project, remain on track and in line with expectations. The new caves being installed at Cullinan and Finsch are both starting to deliver undiluted ore and will result in a continued increasing ROM grade profile and improved product mix.
-- Net debt at Period end of US$463.9 million (30 June 2016:
US$384.8 million) within expected levels and excludes cash from the
October diamond tender. The Company has undrawn bank facilities of
US$70.0 million (30 June 2016: US$110.0 million), with an
additional unrestricted cash balance of US$30 million (30 June
2016: US$36.7 million) available at Period end. Petra remains on
track to become free cash flow positive from H2 FY 2017
onwards.
-- Tragically, despite historically having an exceptional safety
record, it is with deep regret that the Company announces that
three unrelated incidents lead to four Petra employees being
fatally injured during the Period.
Production and Sales - Summary
Unit Q1 FY 2017(1) Q1 FY 2016 Variance FY 2016(1)
-------------------- -------- -------------- ----------- --------- -----------
Sales
-------------------- -------- -------------- ----------- --------- -----------
Diamonds sold Carats 745,447 n/a n/a 3,448,084
-------------------- -------- -------------- ----------- --------- -----------
Gross revenue US$M 94.7 n/a n/a 430.9
-------------------- -------- -------------- ----------- --------- -----------
Production
-------------------- -------- -------------- ----------- --------- -----------
ROM tonnes Mt 2,796,670 2,593,336 +8% 11.3
-------------------- -------- -------------- ----------- --------- -----------
Tailings &
other tonnes Mt 2,577,792 1,262,822 +104% 7.7
-------------------- -------- -------------- ----------- --------- -----------
Total tonnes
treated Mt 5,374,462 3,856,158 +39% 19.0
-------------------- -------- -------------- ----------- --------- -----------
ROM diamonds Carats 720,475 646,051 +12% 2,582,135
-------------------- -------- -------------- ----------- --------- -----------
Tailings &
other(2) diamonds Carats 377,048 196,745 +92% 1,119,270
-------------------- -------- -------------- ----------- --------- -----------
Total diamonds Carats 1,097,523 842,796 +30% 3,701,405
-------------------- -------- -------------- ----------- --------- -----------
1. Production and sales includes 75.9% of Kimberley Ekapa Mining from 18 January 2016.
2. 'Other' includes mining of the Ebenhaezer satellite
kimberlite pipe at Koffiefontein and alluvial diamond mining at
Williamson.
Johan Dippenaar, Chief Executive Officer, commented:
"Operationally, the Group has made a strong start to FY 2017
delivering close to 1.1 Mcts for Q1 and we continue to expect full
year production of 4.4 to 4.6 Mcts, in line with earlier guidance.
The newly established caves at both Finsch and Cullinan, accessing
higher grade undiluted areas, are starting to meaningfully
contribute to ROM production, which is continuing to ramp-up in
line with expectations.
The diamond market is holding firm with prices on a like for
like basis matching those realised in the period January to June
2016 (our H2 FY 2016).
Petra has always taken pride in excellent safety results posted
by its operations. It is therefore with deep regret that we report
fatal injuries suffered by four of our employees. Across the Group,
we have embarked upon renewed safety drives to reiterate our
zero-tolerance approach to unsafe acts and working conditions with
an aim of zero harm to our workforce and contractors.
"Petra's focus remains on the health and safety of our
workforce, maintenance of a healthy balance sheet, the tight
control of costs and the successful roll-out of our expansion
plans, which will continue to deliver increased contributions from
higher quality production areas."
CONFERENCE CALL
Petra's CEO, Johan Dippenaar, and Chief Financial Officer,
Jacques Breytenbach, will host a conference call at 9:30am BST
today to discuss the Trading Update with investors and analysts.
Participants may join the call by dialling one of the following
numbers shortly before the call:
From the UK (toll free): 0808 237 0040
From South Africa (toll free): 0800 222 290
From South Africa (toll): 021 672 4008
From the rest of the world: +44 203 428 1542
Participant passcode: 47970202#
A replay of the conference call will be available on the
following numbers from 12:00pm BST today:
From UK (toll free): 0808 237 0026
From South Africa and the rest of the world: +44 203 426
2807
Playback passcode: 678166#
An additional conference call to cater for North American and
other international investors will be held at 4:00pm BST today.
Participants are advised to listen to the replay of the first
conference call in advance of this call, as the main management
commentary on the results will not be repeated.
From the United States (toll free): 1866 928 7517
From the rest of the world: +44 203 428 1542
From the UK (toll free): 0808 237 0040
From South Africa (toll free): 0800 222 290
Participant passcode: 54443386#
COMMENTARY
Production
-- Q1 production increased 30% to 1,097,523 carats (Q1 FY 2016:
842,796 carats) primarily due to initial production from undiluted
areas improving ROM grades at both Cullinan and Finsch, coupled
with increased tailings production from Kimberley Ekapa Mining.
-- Finsch ROM carat production increased by 9% to 458,396 carats
(Q1 FY 2016: 419,451 carats) following improved ROM grades of 52.4
cpht (Q1 FY 2016: 46.6 cpht) further to the pillar mining in Block
4 and the gradual increase from production from the Block 5 SLC.
Overall production decreased by 2% to 582,127 carats (Q1 FY 2016:
590,799 carats) as the planned decline in tailings production more
than offset the ROM increase; however, the increased contribution
from undiluted ore from the Block 5 SLC will further improve
overall product mix and resultant diamond prices.
-- Cullinan's production increased 44% to 208,974 carats (Q1 FY
2016: 145,385 carats) with ROM grades benefiting from initial
production from the newly established C-Cut phase 1 production area
and pillar and reclamation mining. As a result, ROM grades for the
Period measured 33.2cpht (Q1 FY 2016: 23.6 cpht), in line with
guidance of 33 to 35 cpht for H1 FY 2017, which were approximately
10% higher than ROM grades in H2 FY 2016. As guided, Cullinan's
planned FY 2017 production is weighted towards H2 as the
commissioning of the new plant is on schedule to commence during Q3
FY 2017.
-- Koffiefontein's ROM tonnage throughput increased 59% to
227,387 tonnes (Q1 FY 2016: 143,198 tonnes), while rough diamond
production increased 8% to 15,481 carats (Q1 FY 2016: 14,350
carats); ROM grades for the Period were negatively impacted by
production from the lower-grade 52 Level as production from the SLC
were hampered by various issues encountered in the SLC ore handling
infrastructure; these issues will be addressed during Q2 FY 2017,
however, production for the second quarter will be impacted as a
result. Koffiefontein's ROM production is expected to return to
planned levels from H2 FY 2017 onwards.
-- Kimberley Ekapa Mining's attributable production increased to
237,906 carats (Q1 FY 2016: 49,107), further to the acquisition of
the Kimberley Mines in January 2016 and the subsequent formation of
the Kimberley Ekapa Mining JV effective 1 July 2016. As planned,
ROM treatment was restricted during the Period with commissioning
of a temporary ROM crushing circuit towards the end of the Period.
This modification was required to enable the treatment of ROM
tonnes though the CTP plant. ROM stockpiles of ca. 150 Kt built up
since June 2016 will be treated during the remainder of FY 2017.
Tailings treatment yielded grades exceeding guidance with 12.4 cpht
achieved during Q1 FY 2017 versus 9-10 cpht guided for the full
year. Management maintains its guidance for the remainder of FY
2017.
-- Williamson's production increased 23% to 53,034 carats (Q1 FY
2016: 43,155 carats), with increased ROM tonnes treated.
Construction of the new mill section was largely completed during
the Period with commissioning due to commence during Q2 FY 2017.
Upon commissioning, both throughput and grades will improve to
achieve guided levels of production for FY 2017.
Diamond market and sales
-- Petra continued to witness strong signs of a stabilising
diamond market, with prices for the Period remaining flat when
compared to H2 FY 2016.
-- The Diamond Producers Association, of which Petra is a
founding member, launched its first advertising campaign, "Real is
Rare. Real is a Diamond", in the US in October 2016, with the plan
to target consumers ahead of the prime festive selling period.
Future campaigns will be planned to target important new markets,
such as China and India in due course.
Diamond Sales and Prices
-- Revenue for Q1 FY 2017 was US$94.7 million (Q1 FY 2016: nil)
and included the sale of a 138.57 carat white stone from Cullinan
which sold for US$6.5 million, and a 10.64 carat pink stone from
Williamson which sold for US$5.2 million.
-- Diamond inventory as at 30 September 2016 was 902,211 carats
(30 September 2015: 1,181,822 carats, with no tenders held in Q1 FY
2016).
-- Diamond prices achieved in our first tender for FY 2017
maintained levels comparable to those realised during Petra's H2 FY
2016 on a like for like basis. Product mix is expected to further
improve average diamond prices as the contribution from undiluted
areas increases.
Actual Guidance Actual
Mine Q1 FY 2017 FY 2017 FY 2016
(US$/ct) (US$/ct) (US$/ct)
--------------- ----------- --------- ---------
Finsch 95 100-105 89
--------------- ----------- --------- ---------
Cullinan 164(1) 105-115 126(1)
--------------- ----------- --------- ---------
Koffiefontein 483 520-550 462
--------------- ----------- --------- ---------
Kimberley
Ekapa Mining 87(2) 125-130 132
--------------- ----------- --------- ---------
Williamson 360(3) 220-230 384(3)
--------------- ----------- --------- ---------
Notes:
1. Excluding exceptional diamonds, the average value for Q1 FY
2017 was US$108 per carat and for FY 2016 US$109 per carat.
2. The average value for Kimberley Ekapa Mining for Q1 FY 2017
represents tailings carats only with no ROM contribution in this
sales cycle due to the planned plant modifications as mentioned
earlier in this report; tailings prices below guidance more than
offset by over performance in grades.
3. Excluding exceptional diamonds, the average value for Q1 FY
2017 was US$249 per carat and for FY 2016 was US$238 per carat.
Corporate and Financial:
-- A summary of the Group's current cash, diamond inventories,
debtors, borrowings and net debt is set out below.
Unit 30 September 30 June 2016 30 September
2016 2015
------------------------ --------- ------------- ------------- -------------
Closing exchange R13.71:US$1 R14.68:US$1 R13.84/US$1
rate used
for conversion
------------------------ --------- ------------- ------------- -------------
Cash at bank US$m 42.2 48.7 57.2
------------------------ --------- ------------- ------------- -------------
Diamond inventories(1) US$m 69.0 43.6 103.4
Carats 902,211 549,620 1,181,822
---------------------------------- ------------- ------------- -------------
Diamond debtors US$m 0.7 63.4 0.0
------------------------ --------- ------------- ------------- -------------
US$ loan notes
(including
accrued interest) US$m 308.3 302.0 309.5
------------------------ --------- ------------- ------------- -------------
Bank loans
and borrowings US$m 197.8 131.5 53.9
------------------------ --------- ------------- ------------- -------------
Net debt(2) US$m 463.9 384.8 306.2
------------------------ --------- ------------- ------------- -------------
Bank facilities
undrawn and
available US$m 70.0 110.0 208.4
------------------------ --------- ------------- ------------- -------------
Notes:
1. Recorded at the lower of cost and net realisable value.
2. Net debt is the US$ loan notes and bank loans and borrowing
net of cash at bank; it excludes diamond debtors and diamond
inventories.
-- Net debt at Period end of US$463.9 million (30 June 2016:
US$384.8 million) is within expected levels and excludes cash from
the October diamond tender of ca. US$66.4 million. Net debt
increased over the Period with the expected increase in diamond
inventories, due to the timing of our tenders, as well as the
capital spend profiles weighted towards H1 FY 2017, as guided.
Capital expenditure during Q1 included finalising all major
equipment purchases associated with the new Cullinan plant to meet
the Q3 FY 2017 commissioning target.
-- The Company has undrawn bank facilities of US$70.0 million
(30 June 2016: US$110.0 million), with an additional unrestricted
cash balance of US$30 million (30 June 2016: US$36.7 million)
available at Period end.
-- Petra remains on track to become free cash flow positive from
H2 FY 2017 onwards, as Capex requirements will reduce from Q3 FY
2017, due to the advanced nature of the expansion projects.
Health and safety:
-- Despite an improving lost time injury frequency rate
("LTIFR") of 0.28 for Q1 FY 2017 (Q1 FY 2016: 0.40), the Company
had a tragic start to 2016 with four fatalities in Q1 FY 2017. At
Williamson, two unrelated incidents resulted in three employees
being fatally injured, with another fatality occurring at the
Cullinan Diamond mine.
-- Throughout the Group, we have increased our safety
initiatives, involving all levels of employees, serving to
reiterate our zero-tolerance approach to unsafe acts and working
conditions and to reinforce safety as the single most important
personal and organisational value.
Notes:
1. The following definitions have been used in this announcement:
a. cpht: carats per hundred tonnes
b. exceptional diamonds: stones that sell for +US$5 million each
c. Kcts: thousand carats
d. Kt: thousand tonnes
e. Mcts: million carats
f. Mt: million tonnes
g. Q: quarter of the financial year
h. ROM: run-of-mine (i.e. production from the primary orebody)
i. SLC: sub level cave
Ends
For further information, please contact:
Petra Diamonds, London Telephone: +44 20 7494 8203
Salisha Ilyas salisha.ilyas@petradiamonds.com
Buchanan Telephone: +44 20 7466 5000
(PR Adviser)
Bobby Morse bobbym@buchanan.uk.com
Anna Michniewicz annam@buchanan.uk.com
RBC Capital Markets Telephone: +44 20 7653 4000
(Joint Broker)
Matthew Coakes matthew.coakes@rbccm.com
Jonathan Hardy jonathan.hardy@rbccm.com
Barclays Telephone: +44 20 7623 2323
(Joint Broker)
Bertie Whitehead bertie.whitehead@barclays.com
Philip Drake philip.e.drake@barclays.com
BMO Capital Markets Telephone : +44 20 7236 1010
(Joint Broker)
Jeffery Couch jeffery.couch@bmo.com
Neil Haycock neil.haycock@bmo.com
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About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and
an increasingly important supplier of rough diamonds to the
international market. The Company has interests in five producing
operations: three underground mines in South Africa (Finsch,
Cullinan and Koffiefontein), the Kimberley Operations (including
the Kimberley Underground mine and extensive tailings retreatment
operations) and one open pit mine in Tanzania (Williamson). It also
maintains an exploration programme in Botswana.
Petra has a core objective to steadily increase annual
production to ca. 5.3 million carats by FY 2019. The Group has a
significant resource base in excess of 300 million carats.
Petra conducts all operations according to the highest ethical
standards and will only operate in countries which are members of
the Kimberley Process. Petra is quoted with a premium listing on
the Main Market of the London Stock Exchange under the ticker 'PDL'
and is a constituent of the FTSE4Good Index. For more information,
visit the Company's website at www.petradiamonds.com.
APPIX A - MINE BY MINE PRODUCTION TABLES
Finsch - South Africa
Unit Q1 FY Q1 FY Variance FY 2016
2017 2016
--------------------- -------- ---------- ---------- --------- ----------
Sales
--------------------- -------- ---------- ---------- --------- ----------
Diamonds sold Carats 422,230 n/a n/a 2,085,123
--------------------- -------- ---------- ---------- --------- ----------
Average price
per carat US$ 95 n/a n/a 89
--------------------- -------- ---------- ---------- --------- ----------
Revenue US$M 40.3 n/a n/a 186.4
--------------------- -------- ---------- ---------- --------- ----------
ROM Production
--------------------- -------- ---------- ---------- --------- ----------
Tonnes treated Tonnes 875,116 900,560 -3% 3,547,798
--------------------- -------- ---------- ---------- --------- ----------
Diamonds produced Carats 458,396 419,451 +9% 1,572,725
--------------------- -------- ---------- ---------- --------- ----------
Grade(1) cpht 52.4 46.6 +12% 44.3
--------------------- -------- ---------- ---------- --------- ----------
Tailings Production
--------------------- -------- ---------- ---------- --------- ----------
Tonnes treated Tonnes 539,864 560,477 -4% 2,295,918
--------------------- -------- ---------- ---------- --------- ----------
Diamonds produced Carats 123,731 171,349 -28% 641,339
--------------------- -------- ---------- ---------- --------- ----------
Grade(1) cpht 22.9 30.6 -25% 27.9
--------------------- -------- ---------- ---------- --------- ----------
Total Production
--------------------- -------- ---------- ---------- --------- ----------
Tonnes treated Tonnes 1,414,980 1,461,037 -3% 5,843,716
--------------------- -------- ---------- ---------- --------- ----------
Diamonds produced Carats 582,127 590,799 -2% 2,214,064
--------------------- -------- ---------- ---------- --------- ----------
Note:
1. The ROM / tailings grade split is theoretical and based on
the resource grades as ore from both sources is processed through
the same plant.
Cullinan - South Africa
Unit Q1 FY Q1 FY Variance FY 2016
2017 2016
--------------------- -------- -------- -------- --------- ----------
Sales
--------------------- -------- -------- -------- --------- ----------
Diamonds sold Carats 116,805 n/a n/a 663,175
--------------------- -------- -------- -------- --------- ----------
Average price
per carat US$ 164(1) n/a n/a 126(2)
--------------------- -------- -------- -------- --------- ----------
Revenue US$M 19.2 n/a n/a 83.3
--------------------- -------- -------- -------- --------- ----------
ROM Production
--------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes 557,540 555,748 0% 2,302,892
--------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats 184,897 131,153 +41% 643,724
--------------------- -------- -------- -------- --------- ----------
Grade cpht 33.2 23.6 +41% 28.0
--------------------- -------- -------- -------- --------- ----------
Tailings Production
--------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes 111,565 355,492 -69% 886,289
--------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats 24,077 14,232 +69% 37,089
--------------------- -------- -------- -------- --------- ----------
Grade cpht 21.6 4.0 +440% 4.2
--------------------- -------- -------- -------- --------- ----------
Total Production
--------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes 669,105 911,240 -27% 3,189,181
--------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats 208,974 145,385 +44% 680,813
--------------------- -------- -------- -------- --------- ----------
Notes:
1. Excluding exceptional diamonds, the average value was US$108 per carat.
2. Excluding exceptional diamonds, the average value was US$109 per carat.
Koffiefontein - South Africa
Unit Q1 FY Q1 FY Variance FY 2016
2017 2016
------------------- -------- -------- -------- --------- ----------
Sales
------------------- -------- -------- -------- --------- ----------
Diamonds sold Carats 11,497 n/a n/a 55,500
------------------- -------- -------- -------- --------- ----------
Average price
per carat US$ 483 n/a n/a 462
------------------- -------- -------- -------- --------- ----------
Revenue US$M 5.6 n/a n/a 25.7
------------------- -------- -------- -------- --------- ----------
ROM Production
------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes 227,387 143,198 +59% 681,344
------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats 15,481 10,920 +42% 50,825
------------------- -------- -------- -------- --------- ----------
Grade cpht 6.8 7.6 -11% 7.5
------------------- -------- -------- -------- --------- ----------
Tailings /
Ebenhaezer
Production
------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes - 137,380 n/a 446,854
------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats - 3,430 n/a 11,365
------------------- -------- -------- -------- --------- ----------
Grade cpht - 2.5 n/a 2.5
------------------- -------- -------- -------- --------- ----------
Total Production
------------------- -------- -------- -------- --------- ----------
Tonnes treated Tonnes 227,387 280,578 -19% 1,128,198
------------------- -------- -------- -------- --------- ----------
Diamonds produced Carats 15,481 14,350 +8% 62,190
------------------- -------- -------- -------- --------- ----------
Kimberley Operations - South Africa
Unit Q1 FY Q1 FY Variance FY 2016(1)
2017(1) 2016
--------------------- -------- ---------- -------- --------- -----------
Sales
--------------------- -------- ---------- -------- --------- -----------
Diamonds sold Carats 148,213 n/a n/a 438,680
--------------------- -------- ---------- -------- --------- -----------
Average price
per carat US$ 87 n/a n/a 132
--------------------- -------- ---------- -------- --------- -----------
Revenue US$M 13.0 n/a n/a 57.7
--------------------- -------- ---------- -------- --------- -----------
ROM Production
--------------------- -------- ---------- -------- --------- -----------
Tonnes treated Tonnes 77,836 241,867 n/a 721,513
--------------------- -------- ---------- -------- --------- -----------
Diamonds produced Carats 11,334 44,425 n/a 88,572
--------------------- -------- ---------- -------- --------- -----------
Grade cpht 14.6 18.4 n/a 12.3
--------------------- -------- ---------- -------- --------- -----------
Tailings Production
--------------------- -------- ---------- -------- --------- -----------
Tonnes treated Tonnes 1,829,590 115,366 n/a 3,583,758
--------------------- -------- ---------- -------- --------- -----------
Diamonds produced Carats 226,572 4,682 n/a 442,897
--------------------- -------- ---------- -------- --------- -----------
Grade cpht 12.4 4.1 n/a 12.4
--------------------- -------- ---------- -------- --------- -----------
Total Production
--------------------- -------- ---------- -------- --------- -----------
Tonnes treated Tonnes 1,907,426 357,233 n/a 4,305,271
--------------------- -------- ---------- -------- --------- -----------
Diamonds produced Carats 237,906 49,107 n/a 531,469
--------------------- -------- ---------- -------- --------- -----------
Note:
1. Stated on a 75.9% attributable basis from 18 January 2016.
Williamson - Tanzania
Unit Q1 FY Q1 FY Variance FY 2016
2017 2016
--------------------- -------- ---------- -------- --------- ----------
Sales
--------------------- -------- ---------- -------- --------- ----------
Diamonds sold(1) Carats 46,703 n/a n/a 205,548
--------------------- -------- ---------- -------- --------- ----------
Average price
per carat US$ 360 n/a n/a 384
--------------------- -------- ---------- -------- --------- ----------
Revenue US$M 17.0 n/a n/a 78.9
--------------------- -------- ---------- -------- --------- ----------
ROM Production
--------------------- -------- ---------- -------- --------- ----------
Tonnes treated Tonnes 1,058,792 751,963 +41% 4,003,180
--------------------- -------- ---------- -------- --------- ----------
Diamonds produced Carats 50,368 40,102 +26% 199,796
--------------------- -------- ---------- -------- --------- ----------
Grade cpht 4.8 5.3 -9% 5.0
--------------------- -------- ---------- -------- --------- ----------
Alluvial Production
--------------------- -------- ---------- -------- --------- ----------
Tonnes treated Tonnes 96,773 94,107 +3% 417,452
--------------------- -------- ---------- -------- --------- ----------
Diamonds produced Carats 2,667 3,052 -13% 13,073
--------------------- -------- ---------- -------- --------- ----------
Grade cpht 2.8 3.2 -13% 3.1
--------------------- -------- ---------- -------- --------- ----------
Total Production
--------------------- -------- ---------- -------- --------- ----------
Tonnes treated Tonnes 1,155,565 846,070 +37% 4,420,632
--------------------- -------- ---------- -------- --------- ----------
Diamonds produced Carats 53,034 43,155 +23% 212,869
--------------------- -------- ---------- -------- --------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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