Petra’s revenues jump 359% in FY08

Petra Diamonds Limited, an international diamond mining group with a balanced portfolio combining major producing mines, world class exploration assets and a cutting and polishing business, provides trading update for 12 months to 30 June 2008.

The company said that its mining revenue soars by 359% during the FY08. The company’s mine revenue for the period: US$76.6 million, a 359% increase on the year to 30 June 2007 (US$16.7 million); revenue includes US$5.4 million in respect of four exceptional diamonds that were each sold for more than US$1 million. Group revenue for the Period: US$76.3 million (2007: US$16.7 million) due to the net effect of inter-company sales for Group beneficiation activities.

Petra is a high-growth diamond producer and, taking into account the recent acquisition of Cullinan, is one of the world’s largest diamond groups on a gross resource basis. The Company has successfully grown its base of production assets through the separate acquisitions of the Cullinan, Koffiefontein and Kimberley Underground mines. These mines complement Petra’s world class exploration base in Angola (Alto Cuilo and Luangue), Botswana (Kalahari Diamonds) and operations in Sierra Leone (Kono).

The trading update for the Period comprises Koffiefontein and Petra’s fissure mines, Helam, Sedibeng and Star (the ‘Fissure Mines’). The acquisition of the Cullinan mine by the Petra Diamonds Cullinan Consortium was completed on 15 July 2008 and Petra will account for its 37% interest in Cullinan from that date.

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