Petra Expects Production Rebound Following A Challenging 2023
Petra Diamonds has projected a fall in diamond production for 2023 as it deals with the closure of the unprofitable Koffiefontein mine in South Africa and the process of reopening the Williamson mine in Tanzania, IDEX Online reports.
In addition to the challenges faced with mine closures, Petra also said that its highest-grossing mine, Cullinan in South Africa, has yielded less exceptional stones valued at over $5 million during 2023 compared to previous years.
The company anticipates a total output of 2.75-2.85 million carats for 2023, compared to 3.35 million carats in the previous year. Despite this setback, Petra remains positive about the future and foresees an increase in production in the coming years. According to the miner’s projections, Petra expects production to rise to 3-3.3 million carats in 2024 and 3.6-3.9 million carats in 2025.
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