WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-21 Time: 15:00:01 Posted By: News Poster
By Allan Seccombe
Johannesburg – PETRA Diamonds, the second-largest diamond producer in SA, plans to triple output to 3,5-million carats by 2019 and will look for alluvial diamond mines to lift growth, says CEO Johan Dippenaar.
It is from a suite of six mines in SA and one in Tanzania that AIM-traded Petra produced 1,165-million carats in the financial year to the end of June, a 6% increase from the previous year.
In an indication of improved diamond prices and demand after an extremely difficult last year during the global crisis, and improved output, Petra posted record after-tax profit of 70m from an 89m loss before.
Profit reflected the sale of a single diamond – the 507-carat Cullinan Heritage – for 35m.
“In our view, the boost to earnings per share from the 507-carat diamond in financial year 2010 will be hard to replicate but we still see cash flow and earnings underpinning the investment case in financial year 2011,” RBC Capital Markets analyst Des Kilalea said.
Strong cash flow combined with the 120m Petra raised this year and a debt facility of 72m means the company is “fully funded for the growth that’s planned”, Mr Dippenaar said yesterday.
Its Cullinan mine will provide 2,4-million of the 3,5-million carats in 2019.
However, its proportional contribution to forecast gross revenue of 488m will be 237m.
The Williamson mine in Tanzania and the remaining South African mines will increase their contribution to the group by 2019, with improved production and higher-value stones, reflecting a move away from an over-reliance on just one mine, Mr Dippenaar said.
Petra took full ownership of the Kimberley underground mines in May, having built up a stockpile of 500000 tons of ore during the two-year wait for the deal to be completed.
“We believe people are missing the fact that a lot of the costs have been sunk over the past two years in Kimberley.
All the diamond production coming from the stockpiles over the next two years will have a strong cash flow impact on our numbers,” Mr Dippenaar said.
Sales of Kimberley diamonds realised an average 250 per carat, up from a forecast 180- 200 per carat.
The production target for the 2011 financial year is 1,3-million carats and Petra aims to double output to more than 2-million carats by 2014.
“Higher production should flow in financial 2011 and even more so in 2012 as Koffiefontein delivers higher grade and Kimberley contributes for a full year, while some additional output from Williamson is likely,” Mr Kilalea said.
Global diamond output grew from about 100-million carats a year to 170- million carats when the global financial crisis hit in late 2008. Producers, most noticeably De Beers, cut production to match reduced demand.
“We expect to see supply to come up to 140-million carats and to remain fairly steady in the years to come,” said Mr Dippenaar, adding that major diamond mines are past their peak.
Original Source: 
Original date published: 21 September 2010
Source: http://allafrica.com/stories/201009210744.html?viewall=1