Its getting there......

Big up for you there macca is it one of yours,,dont tell the wife,she will be wanting pearls next!!!

It will come as no suprise to those that know me that I am not dressed yet...been glued to the screen all morning, wonderful Jeffers wonderful....:>)

DD
Some bird from Safend tipped me the wink

So let me get this right amberjane, jeffers glued you to the screen without you wearing any clothes! I don't know how he does it to be honest. well done. and nice chart. 75p by Xmas.
:-)

Poochy 75p!!!!! you naughty boy such a tease. My first lot bought last December at 40p.....at last.

soooo tempting to sell half...but i'll unstick myself and get dressed before i make that kind of exec decision!

Where's Safend? Sounds a bit chav to me.

Anyone seen Russ lately?

So nice of you to pop by Hils... just washing as i'm all st....no not a good term, I'm just in the bathroom, making a decision :>)

amber
never a bad thing to take a bit of profit and let the rest run

I'll get me sponge!

Remember the target that I said to you, Amber.

Pussy, Jeffie. Miaaaaooooow.

:o)

Yes Jeffers, have you sold any?

What's the script with DWY, Hils?

Look get off our thread missy......no room here for suntanned misses that swan around on holidays... :>)
ps..nice to see you back

amber
my holding has reduced a couple of times over the last year or so. So dont have a big holding now and will keep what I have for now.

OK Jeffers, dropping off a bit now...

It would appear to me as though the price was walked down over the last week to trigger off some stop orders - I wonder why as we are expexcting to hear some results from the bulk sampling that has bean carried out over the last 2 months?

looks like christmas might arrive early this year

nice little spurt today!

Will we be seeing a head & shoulders?

Are you guys holding to the original target price of 1 a share on
this one? What's the website for the company please chaps?
:>)

stockbunny - http://www.petradiamonds.co.za

Thank you StarFrog - a princely gesture :>)

Are you sure it's not adonisisadiamondgeezer.com?

:>) Hils

Macca,i see your pdl has got a tip for 2005 from that rag mag.

Its having another go

Christmas 2005 it is then.

only another 5p to go....

It was in one of the sundays yesterday macca,looks nailed on.

sorry DD, I didnt buy the Sunday Sport

Petra Diamonds buys Crown Diamonds in reverse takeover
AFX

LONDON (AFX) - Petra Diamonds Ltd, an AIM quoted diamond mining company, has conditionally agreed to merge with Crown Diamonds NL, buying the entire issued equity of Crown.

The all share transaction, which is subject to regulatory and shareholder approval, values Crown at 35.3 mln stg and Petra will as a result have a dual listing in Australia and London.

Petra will issue 37.2 mln new shares to Crown with the latters shareholders to get one Petra share for every 8 Crown shares.

Because the merger represents a reverse takeover, Petra has been suspended from trading on the AIM.

Johan Dippenaar is to be appointed chief executive of teh emrged group.

Details of proposed merger

Tens of Millions of new shares + a company that is operating at a loss = relisting at +/-45-50p:-(

Relax poes ...... it's a very good deal which should enable them to better realise their prospects and turn them more towards being a production company. Imo of course.

hilary, how many reverse takeovers result in the relisting at a higher price? - fuckall.

I can think of quite a few actually, but wdik?

This deal has been on the cards for ages. It's something that Adonis has been working towards since the Oryx deal was aborted a few years ago. It had to happen sooner or later and if you couldn't see it happening, you shouldn't be invested!

hilary - dont now make out that you new about it before what absolute rubbish. You always get the 'I new it was going to happen' after the event bullshit, why wold anyone believe you? Maybe a couple of examples to backup your claim re reverse takeovers. Thanks.

Get a life, poes!

Have you ever bothered to pick up the phone and speak to Adonis himself? Have you ever met him when he's been in London? Half of Cannon Street leak his news out days before it happens. It's got to be one of leakiest stocks on AIM.

And no, I didn't know that it was going to happen today. Nor this week. Nor this month even, for this matter. But it was a no-brainer that it was going to happen before not too long.

And I don't know why you're getting so stressed about it. Petra need money to realise the full potential of Alto Cuilo, without which they could end up give AC away for peanuts or, worse, go bust. This is a good deal, imo. Do you actually know anything about the mechanics of a reverse takeover?

Where are your examples hilary?

Tens of millions of more shares + a company that is running at a loss + placing to institutional investors = disaster for the share price.

It just gets better and better. 5 by christmas

Mano River Resources Inc
23 February 2005


MANO RIVER RESOURCES INC.

NEWS RELEASE

23 February 2005
No: 2005/04

TSX Venture Exchange (TSX-V) Trading Symbol: MNO
London Stock Exchange - AIM Trading Symbol: MANA

MANO RIVER WELCOMES PETRA DIAMONDS AS ITS NEW PARTNER ON THE KONO KIMBERLITE
MINING PROJECT IN SIERRA LEONE

Mano River reports that is pleased to welcome Petra Diamonds as its new partner
on its Kono kimberlite project in Sierra Leone.

Petra Diamonds and Crown Diamonds recently announced that, subject to stock
exchange and shareholder approval, the two companies had merged to form a larger
diamond exploration and mining entity, listed on both the London AIM and
Australian ASX Exchanges. The new Petra, which incorporates Crown's producing
expertise and Petra's African exploration expertise, results in an entity that
will enhance the likelihood of success in the existing Mano joint venture and
expand the scope for future deals.

At recent meetings held in Cape Town between the managements of Mano and Petra,
during the INDABA Conference, the new board of Petra Diamonds confirmed that the
joint venture with Mano remains a fundamental part of their company expansion
plans and that they remain fully committed to the kimberlite mining programme in
Sierra Leone. Furthermore, Petra indicated that they are considering an
accelerated programme of development of the extensive diamondiferous dyke swarm
contained within Mano's licences, with work expected to commence in the very
near future.

On behalf of the Board of Mano River Resources Inc.
Tom Elder
President and CEO

Petra Diamonds Ld
31 March 2005
Petra Diamonds Limited ('Petra' or 'the Company')
Chairman's Statement and Interim Results to 31 December 2004

The period since my last Chairman's letter, published in December 2004, has been
very productive for the Company as we have moved significantly closer to
achieving our goal of building a diamond group that combines successful
producing mines with quality exploration assets. With exciting prospects ahead
of us, I report the interim results for the six months to 31 December 2004.

Results
The loss for the period amounted to 4,197,050 (2003: loss 1,799,734) stated
after operating charges of 3,646,031 (2003: 1,458,980) and net financing costs
of 551,019 (2003: 340,754).

The increased loss over the comparative period was due to the level of activity
and associated expenditure at the Alto Cuilo project for the six month period,
which led to significant exploration developments. The Company's expenditure on
Alto Cuilo will not remain at these levels from January 2005 due to an important
development with regards to the joint venture with BHP Billiton World
Exploration Inc ('BHP Billiton') as set out below.

Net financing costs arose due to exchange movements on the restatement of
borrowings within the Petra group.


Proposed Merger with Crown Diamonds
On 8 February Petra Diamonds announced its proposed merger with Australian
listed Crown Diamonds NL ('Crown'). This transaction is a significant step
towards our long-term objective of becoming a significant player in the diamond
industry with a combination of quality producing mines and an impressive
exploration base. On completion of the merger, the enlarged Petra group will be
dual listed on AIM and the ASX, enhancing liquidity and aiming to increase the
scope of institutional investor interest due to asset base and market
capitalisation.

As noted when the proposed merger was announced, the transaction constitutes a
Reverse Takeover under the AIM rules. The Company's shares are currently
suspended from trading on AIM until such time as an AIM Admission document
relating to the proposed merger is published. Work is progressing well on the
preparation of the various documents and we will publish the AIM document and
return to trading in the near future.

Crown's current producing diamond assets are all situated in South Africa. They
encompass Helam, Star and the Messina/Dancarl joint venture. All three of these
diamond operations are kimberlite fissure mines with life of mine in excess of
15 years each and all three produce high quality diamond gem stones. It is
estimated that the Crown operations will produce in excess of 167,000 carats of
gem quality stones in 2005.

Crown has also agreed a joint venture with AIM and TSX listed Mano River
Resources Inc concerning the Kono diamond project in Sierra Leone, a kimberlite
project with several identified fissures from which small scale production is
envisaged during the next twelve months. Initial indications show good
geochemical results with a fissure strike length greater than Crown's current
producing mines.

Crown also brings with it an experienced management team which is highly skilled
in diamond mining production in South Africa. The two management teams together
will have the depth and knowledge to develop diamond opportunities anywhere on
the African continent.

Alto Cuilo and BHP Billiton
Further, I am pleased to announce an important development with regards to the
joint venture with BHP Billiton regarding the Alto Cuilo diamond project in
north eastern Angola.

The joint venture agreement between Petra and BHP Billiton included an option
with regards to BHP Billiton's funding of the project, and I am delighted to
advise you that BHP Billiton have formally elected to fund the Alto Cuilo
kimberlite exploration programme, with this funding taking effect from 1 January
2005. The election by BHP Billiton represents important progress for the project
and for Petra and we look forward to working with BHP Billiton in moving the
exploration programme ahead over the coming months.

Drilling continues at Alto Cuilo and as at the end of February 2005 diamond core
drilling had been completed at 43 sites, with a total 6,436 metres having now
been drilled.

Since commissioning of the diamond recovery plant (MB100 and DMS) in September
2004, alluvial gravels from the Luangue river and kimberlitic material from the
AC2 complex continued to be treated by the plant and as of 26 February 2005,
4,927 macro diamonds have been recovered with a total mass of 1,241 carats.


Conclusion
Petra Diamonds is at a pivotal stage in its development and considerably closer
to achieving its objective of becoming a significant producer of diamonds with a
balanced portfolio of cash flow positive, producing mines combined with the '
blue sky' of high quality exploration assets. The merger with Crown and the
support of BHP Billiton puts the Company in a strong position to create a
geographically diversified diamond group with a substantial asset base and
market capitalisation, giving the Company the potential to become a niche
mid-tier producer of rough diamonds.


Adonis Pouroulis, Chairman
31 March 2005
For further information, please contact:

Kevin Dabinett / David Abery Justine Howarth / Cathy Malins

Petra Diamonds Parkgreen Communications

Tel: +27 11 467 6710 Tel: +44 20 7493 3713


PETRA DIAMONDS LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004
Unaudited Unaudited Audited
1 July 2004 1 July 2003 1 July 2003
31 December 31 December 30 June
2004 2003 2004


Other operating income - - 4,424

Other operating charges (3,646,031) (1,458,980) (3,978,460)

Group operating loss (3,646,031) (1,458,980) (3,974,036)

Net financing costs (551,019) (340,754) (245,827)

Loss before and after taxation for the (4,197,050) (1,799,734) (4,219,863)
financial period

Basic and diluted loss per share - pence (6.17) (3.48) (7.45)


UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004


Unaudited Unaudited Audited
1 July 1 July
2004- 31 2003 1 July 2003
December 2004 31 December 30 June 2004
2003

Loss for the financial period (4,197,050) (1,799,734) (4,219,863)

Exchange adjustments on translation of subsidiary 475,979 293,229 153,094
and
branch undertakings recognised directly in equity

Total recognised gains and losses relating to the (3,721,071) (1,506,505) (4,066,769)
financial period



PETRA DIAMONDS LIMITED



UNAUDITED CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2004


Unaudited Unaudited Audited
31 December 2004 31 December 2003 30 June 2004

ASSETS
Property, plant and equipment 2,301,919 493,033 1,782,408

Intangible assets 80,281 78,440 79,576

Investment in associates - - -

Total non-current assets 2,382,200 571,473 1,861,984

Other receivables 615,970 306,917 550,838

Cash at bank and in hand 452,466 285,828 3,766,852

Total current assets 1,068,436 592,745 4,317,690

Total assets 3,450,636 1,164,218 6,179,674

EQUITY AND LIABILITIES

Equity

Issued capital 6,926,954 5,184,997 6,784,998

Share premium account 19,746,615 12,920,899 18,834,587

Foreign currency translation reserve 2,115,057 1,779,213 1,639,078

Accumulated loss (27,775,175) (21,157,996) (23,578,125)

Total equity 1,013,451 (1,272,887) 3,680,538

Minority interests - - -

Liabilities

Trade and other payables 2,000,000 2,082,176 2,013,620

Total non-current liabilities 2,000,000 2,082,176 2,013,620

Trade and other payables 437,185 354,929 485,516

Total current liabilities 437,185 354,929 485,516

Total liabilities 2 ,437,185 2,437,105 2 ,499,136

Total equity, minority interests and 3,450,636 1,164,218 6,179,674
liabilities


PETRA DIAMONDS LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004

1. The interim results, which are unaudited, have been prepared in
accordance with International Financial Reporting Standards (IFRS) adopted by
the International Accounting Standards Board (IASB).

The unaudited interim financial statements for the six months ended 31 December
2004 do not constitute statutory accounts within the meaning of section 240 of
the Companies Act 1985 and have been drawn up using accounting policies and
presentation consistent with those applied in the audited accounts for the year
ended 30 June 2004.

The financial information for the year ended 30 June 2004 has been extracted
from the statutory accounts for that period, the auditors report on those
accounts was unqualified.

2. No dividends were proposed or paid during the period.

3. The calculation of basic loss per share is based on a loss for the
interim period of 4,197,050 and on a weighted average of 68,010,371 ordinary
shares of 10p each in issue during the period.

4. Due to losses incurred no taxation has been provided for. Deferred tax
assets on losses have not been recognised as it is not foreseeable with
sufficient certainty that the related tax benefit will be realised.

hilary

Where are your examples?

what price will PDL re-list at?

We are back
Merger Details

This would make a nice ring for Elton Johns wedding

Petra Diamonds recovers 76-carat diamond from South African mine
AFX

LONDON (AFX) - Petra Diamonds Ltd said it found a 76-carat diamond at the Sedibeng mine in South Africa.

The stone could be sold for about 500,000 usd, it said.

The same site, located in the Northern Cape province, produced several large stones last year -- one of which was a 57-carat stone that sold for 489,000 usd and another 42-carat gem that sold for 282,000 usd.

The Sedibeng mine is composed of the Messina and Dancarl operations which are expected to produce at least 35,000 carats in the year 2005-06.

mbe/ak

I've bought a few of these as news should be due soon and hopefully the sp will repeat last january's rise. looks very promising to me-why is this thread so quiet??

Taken from another BB

Petra Diamonds - Collins Stewart initiates coverage

Petra Diamonds is an AIM and ASX listed diamond mining and exploration company with a portfolio of assets across Africa. The company currently operates three mines in South Africa and plans to bring a fourth into production in Sierra Leone during 2006. It also has an interest in the world class Alto Cuilo kimberlite project in Angola, which is subject to an agreement with BHP Billiton, (BHPB), and has 80,000km2 of exploration holdings in Botswana, the world's largest producer of diamonds by value.

Analysis
Petra's three South African mines were acquired through a merger with Crown Diamonds in 2005. They have a combined resource of 4.2Mct at an average grade of 60cpht hosted within narrow kimberlitic fissure systems. The company is committed to a programme of expansion and modernisation at the mines that will increase attributable production to 330kct/y.

The company has an agreement with Mano River Resources through which it will bring the Kono project in Sierra Leone into production during 2006. Petra is earning a 51% interest in the high-grade deposit that should ultimately produce 190kct/y from a kimberlitic dyke system.

Petra's most significant exploration asset is an interest in the world class Alto Cuilo diamondiferous kimberlite in Angola. This is an agreement with BHPB, with the major earning its interest through spending US$60m on exploration.

Just one of the kimberlites at the project covers 109ha and hosts 115Mt at an estimated grade of 47cpht, sufficient to produce 5.0Mct/y for 10 years. It is likely that the mine will cost US$600m to build and that Petra will end up covering 35% of the capital expenditure in return for 20% of the equity with the local partners accepting dilution in return for a free carry.

The company also acquired Kalahari Diamonds in 2005, giving it access to 80,000km2 of highly prospective ground in Botswana and BHPB's Falcon technology.

Action
The diamond market remains extremely strong and high prices are expected to be maintained over the long-term as new supply is unlikely to be able meet increasing demand. Petra is therefore extremely well positioned and has the potential to develop into a mid-tier diamond mining company with 425kct/y of production underpinning the very substantial upside in both Botswana and Angola. We set a short-term price target of 121p, although this takes no account of further exploration success at either Alto Cuilo or in Botswana.

I do like these, dam dam dam, I'm adding

stop watching and buy them, agree 120-150 seems possible

It's looking bullish could spurt to 100p if we break 80p convincingly!

Saad Investments Company Limited have moved their holding from 9,840,178 to 12,000,000. Thats an additonal 2million, so have some faith in PDL, SO HAVE I and can see 100p on the horizon.

at .5m usd a time fo 67 carats, a nice way to beef up the profits!

Looking good guys! nice update

80! 90 next

Hope PDL can test prev. high95p.soon,ellio.

it has a good feel and is moving up gently, its gone through 80 relatively quck so 90-95 must be close, it'll be interesting to see where the resistance is my guess is 95.

I like the technicals on this. Moving averages about to cross, just cleared resistance, needs a bit more for a breakout I think but perhaps basking in the afterglow of AFD's rise last week, which I missed

Results are pretty good and very encouraging

LONDON (AFX) - AIM-listed Petra Diamonds Ltd said its pretax losses narrowed in the six months to end December 2005 as turnover jumped.

Interim pretax losses narrowed to 1.1 mln stg from 4.3 mln in the previous six months and 7.2 mln in the year-earlier period.

Revenue jumped to 5.5 mln stg from 1.2 mln in the year-earlier period as production rose 13 pct to 88,640 carats.

'As production increases at our mines in South Africa, so too will our revenue streams, whilst we progress our exciting exploration projects and commence production in Sierra Leone,' said chairman Adonis Pouroulis.

Petra's South African operations produced just over 167,000 carats for the 2005 calendar year and are on track to produce 200,000 carats for the year to June 2006. The next six month period is expected to see increasing production from the mines in South Africa without a significant increase in operating costs, it said.

'Although the rough diamond market experienced a dip in the last quarter of the year, in that prices achieved were below those for the six months to June 2005, the market has since recovered somewhat as demand for rough (diamonds) continues to outpace supply,' it said.

We have lift off. Shame I sold in the 70's

Hello, I ve just got some pdl shares this week, I liked the prospect that the diamond production is due to start some time in June. Earlier last week or so I had read an interesting article in the IC mag relating to diamond miners. I was just waiting to dive in at the right price.

I believe the diamonds are going the next 'thing' the chinese will want, the supply is getting scarce and will not be able to meet the demand, the price diamonds will start to rise...IMO of course.

Do anyone have shares in FDI, I 've got those this week as well!

Does anyone know why this is climbing for the past few weeks? It appears to be getting stronger

R88AVE

You have not yet had an answer to your question but the climb still continues! I would also like to know any relevant news driving the SP.

On another point, PDL has signalled its intention to de-list from ASX, RNS 7th Dec. As far as I am concerned this is particularly bad news since my holding is in an ISA wrapper so will be forced to sell when this happens. How long does the taxman allow for a sale to take place after a de-listing?

Ray

I have jumped on board at 145p, in which I wish i should have done back in October! You should check out the price risk factor. Its is still low around 70 plus despite the fact the sp has risen quite considerable amount in the past few weeks. I also liked the fact that the that have commenced their bulk testing last October and the results are due any moment now. Hence maybe thats why there been a lot of big trades going through at full asking price, something must be looking good.
Personally I dont see the delisting of share from ASX is bad thing at all. It will save the company money. I would consider you to spent a bit more in your research.

Also This is probably the reason why the investor are getting excited with the Angola project:

http://www.mineweb.net/junior_mining/521316.htm

Ray

Also found interesting article!

http://www.miningweekly.co.za/min/news/today/?show=91403

R88AVE,

Thanks! Looks most promising although Maxwell is playing it cool. Nothing formal yet but would look to PDL for RNS soon to explain SP rise.

I would agree with you in principle regarding ASX de-listing, it is just personal since PDL was one of only a few AIM stocks that can be held in an ISA. About time Gordon Brown removed the restriction on AIM, particularly with so many companies moving there from the main list.

Ray are still holding rns out re Angola project looks very positive

http://moneyam.uk-wire.com/cgi-bin/articles/200612201309113464O.html

Found this article from Mineweb which gives a rather bullish review for PDL IMO;

LONDON (Mineweb.com) --Petra Diamonds, the company that is fast establishing itself as a mid-tier diamond producer, has announced that it has, via its wholly-owned subsidiary Blue Diamond Mines (Pty) Ltd. (BDM), agreed with De Beers to acquire the Koffiefontein mine. BDM has applied to the South African Department on Minerals and Energy for a mining right in respect of Koffiefontein.

De Beers had ceased mining at Koffiefontein at the end of 2005, when its old order mining right expired. BDM expects to commence production from the mine in early 2007, once all the necessary regulatory approvals have been met.

Petra Diamonds is listed on both AIM and the ASX (ticker symbol PDL, market capitalisation approximately 203 million or US$398 million) and the companys diamond production in the fiscal year to end-June 2006 was 175,000 carats from three mines in South Africa (the Helam, the Hedibeng and the Star) to give a revenue of US$20.8 million (implying an average of US$119 per carat). Each of these three mines has a remaining life of over 15 years, off a resource, on a ten year view, of four million carats. Production from these three mines is expected to grow to 300,000 carats by 2010.

Koffiefontein was established in 1870. The mine exploitation method is both underground and open cast and production in 2005 was 123,505 carats recovered at a grade of 6.8 carats per hundred tonnes. If BDM can re-establish this at a similar level then clearly its South African production profile will be substantially enhanced. The acquisition, the consideration of which is R81.9 million (5.98 million or US$11.7 million) as the company assumes the De Beers rehabilitation obligations at the mine, plus a cash payment to De Beers of R1.9 million (138,700 or US$271,000) and will be met from Petras existing cash resources.

Meanwhile, as well as an active exploration programme, notably at Alto Cuilo in Angola, Petra is moving downstream. In late November 2006 the company announced the acquisition of 100% of the company Calibrated Diamonds, for an initial consideration of US$2.8 million in cash, with a deferred consideration payable dependent on production and results. Calibrated Diamonds is focused on cutting and polishing diamonds and this acquisition makes Petra the first fully-integrated mid-tier diamond mining group on AIM. Petra estimates that approximately 50% of added value is accrued by virtue of the polishing process; on the basis that fiscal 2006 revenue was US$20.8 million, the implication is clear.

Upstream, exploration continues at Alto Cuilo in joint venture with BHP Billiton. Under the programme, BHP Billiton can earn a 75% share of the joint venture via the expenditure of US$60 million and as of 30th September 2006 BHP Billiton had funded US$28.2 million. The budget to June 2007 is for a further US$20 million and Petra notes that this is one of the highest joint venture expenditure programmes in BHP Billitons portfolio. Some 70 targets have been drilled on with 62 kimberlites identified. The surface area thereof exceeds 1,400 hectares. This compares with Jwaneng in Botswana at 45.5 hectares and Orapa at 111 hectares.

The company reports that there is a highly encouraging mantle geotherm along with diamond indicator mineral chemistry. Bulk sampling has started and the first results are expected early in 2007. The average value from a 310 carat sample previously recovered was a healthy US$295/carat.

Meanwhile Petra is also in strategic cooperation with Xceldiam Ltd on Project Luangue (also in Angola) and Project Alto Cuilo. At Luangue, which the company believes may host kimberlite geology similar to that of Alto Cuilo (with which it is contiguous), over 70 kimberlitic anomalies have been identified and the first drill hole (in July 2006) intersected kimberlite. It is the area within 20 kilometres either side of the order between the two properties that is the focus of the alliances exploration activities. The two companies will share information and cooperate on technical, operational and other related matters, thus resulting in significant reduction in the necessary cost and time for the programme. As part of the agreement, Petra has been granted cooperation warrants to acquire up to 26% of Xceldiams wholly-owned subsidiary Frannor Investment and Finance Limited (which holds Xceldiams interest in Project Luangue) along with a right of first refusal to participate in any transaction concerning Xceldiams interest in Frannor.

In Botswana, which Petra describes as the worlds number one address for diamonds, the Kalahari Diamonds programme (also a joint venture with BHP Billiton) is undergoing a re-evaluation of accumulated geophysical data while in Sierra Leone both Petra and 49% joint venture partner Mano River have carried out sampling that indicates the potential for high grades. Diamond recovery commenced in June 2006 and by the end of November 224 diamonds at 23.91 carats had been recovered. Shaft sinking is underway with full-scale production scheduled for 2007 with a long term potential over 100,000 carats per annum.

If all of these projects come to fruition, therefore, it is conceivable that Petra could be producing over half a million carats per annum in 2010, along with a beneficiation programme that should further enhance earnings.

R88AVE

Thanks for digging out this promising info, now wait to see what the New Year brings and perhaps some direct news from Petra.

Ray A I am pretty excited with the developments so far looks like 2007 will be an interesting one especially when the full scope on Angola project findings are completed. This project could be worth billions alone, hence BHP Billiton JV budget $60m into the project gives the taste of expected revenue in return.

Long 151, the charts is looking ready to rise again, fairly big volume in past two days.

A whole year without a single blog, sp right in the dip now !

This must be the cheapest Diamond company in the world, profits going forward look fantastic, must be due for a rise as they say that the power cuts are not affecting them, I took a position this morning just before the last rise, hope I got this right !

FDI rocketing this morning, hope this one does the same !

Cannot believe the drop here...beggars belief (as so to speak) !

Still dropping....diamonds not in favour any more ?

Hello, hello....what spiked this up along with impressive volume today then?

Hey up has the bull woken up today then?
Look like good bullish reversal trend is in the making imo.

Well, well, well,....3 holes in the ground...!, this has woken up at long last....another undervalued stock !.

Anybody, any idea why the rocket like rise in the past few days....? takeover rumour ?, If I was one of the majors ...this would be in the line of fire !.

Petra Diamonds swings to annual profit
MoneyAM
Petra Diamonds Ltd moved to an annual profit after it bought South African mines from De Beers, it said today.

The miner posted a net profit after tax for the year to end June of $1.9m from a loss of $20.9m the previous fiscal year.

The firm said the main reason for the turnaround in profit was the contribution from the Koffiefontein mine it bought from De Beers.

'The success at Koffiefontein clearly demonstrates our distinctive ability to turn such mines to account, and we look forward to achieving similar results at these acquisitions,' Chairman Adonis Pouroulis said in a statement.

The other mines it has purchased from the world's largest diamond producer, Cullinan and the Kimberley underground operations in South Africa and Williamson in Tanzania, will come on stream this financial year, it said.

The company boosted output 11% to 200,287 carats and expected a huge increase during the current year.

'Fivefold production increase expected to over 1 million carats for FY 2009 with the new mines coming on stream,' it said.

The firm also announced a major increase in its resource base, jumping to 265 million carats, worth $27.3bn, from 11.38 million carats worth $1.9bn about a year ago.

Petra posted a 352% increase in revenue to $76.9m and EBITDA (earnings before interest, tax, depreciation and amortisation) of $25.5m versus a loss of $5.2m last year.

The firm said it had a good start to the current fiscal year, receiving attributable revenue of $14.8m from its first tender, comprising sales from eight weeks of production at Koffiefontein and its fissure mines, as well as the first four weeks of production at Cullinan.

Are SAAD lining up a takeover, at what price??, or just investing.


The Company was notified today that following recent purchases Saad Investments Company Limited now holds 70,155,430 ordinary shares in the Company, representing approximately 38.1% of the Company's ordinary issued share capital.

Petra Diamonds Limited is a Bermuda registered company and as such is not subject to the Takeover Code and accordingly there is no obligation for a mandatory offer under the Rules of the Takeover Code by any shareholder increasing their holding above 30% of the Company's issued share capital.

Petra abandon Alto Cuilo, cut back exploration!

Click HERE

Sold out of these at a loss some time ago now,.....what bad times we have today !.

Diamonds have no value in recession. Gold is more valuable.

Mine revenues strong at Petra Diamonds

http://www.growthcompany.co.uk/news/1603593/mine-revenues-strong-at-petra-diamonds.thtml

interesting chart with a clear and very stubborn resistance at the all-time high +/-180 ..... on the basis that that could/should be cleared next time around, then it could be champagne cork syndrome ..... def worth watching i think

having jumped into new territory, i have married money and mouth .... order book looks pretty strong at the moment too

Questor's top share tips for 2012


Petra Diamonds

Petra Diamonds shares have fallen significantly over the past few months as diamond prices have softened. These falls look overcooked, considering the group's production growth target and increasing demand for precious stones from Asia.

In December, the company moved to the main board from Aim, which means the shares are a real contender for entry into the FTSE 250 at some point in 2012.

The company is targeting an increase in production from 1.1m carats in the year to June 2011 to 4m carats in the year to June 2014. Progress on meeting this target will be positive for the shares.

It is also likely that diamond prices will rise again next year, as demand from the Middle East, China and India continues to grow.

According to Edward Sterck, a diamond analyst at BMO Capital Markets, the price of rough diamonds could rise 9pc in 2012 to $145 a carat. He expects price rise to continue all the way out to 2016. However, even a flat performance in the price should be positive.

The shares are trading on a June 2012 earnings multiple of 7.4 times, falling to just 5.5 in 2013. The company does not pay a dividend as it is investing for growth.

They look tempting.Up strongly today.

15 August 2012
LSE: PDL

Petra Diamonds Limited

("Petra" or the "Company" or the "Group")


Guidance Update

Petra Diamonds Limited announces that it has today publishedupdated analyst guidance for the year to 30 June 2013 ("FY 2013") and updated high level guidance for the period thereafter to FY 2019.Highlights of the updated guidance are below - the detailed guidance documentscan be downloaded from Petra's website athttp://www.petradiamonds.com/investors/financial-reports-and-results/analyst-guidance-15-aug-12.aspx.



Petra will announce its preliminary financial results for the year to 30 June 2012 on 24 September 2012.


FY 2013 Guidance Highlights

· Tonnes processed expected to be ca.17million tonnes ("Mt"), an increase of ca. 60% over FY2012 actual (10.4 Mt). This increase is due to a full year's production at Finsch and Williamson, combined with contributions from Petra's other operations.

· Carat production target of ca. 2.85million carats; an increase of ca.30% on FY 2012 actual (2.2 million carats); this target is 0.25 million carats lower than previous guidance issued early FY 2012, being mainly due to the revision of the mining scope at Finsch and the slightly lower production levels at Williamson (both covered below).

· Petra's production target of 5 million carats pa by FY 2019 remains on track.

· Further to Petra taking over operation of Finsch in September 2011, a mining scope change will be applied at the mine to improve the long term economics and tooptimise the production plan from a geotechnical and mining perspective. This will bring the added benefit of reducingexpansion Capex on previous guidance by ca.ZAR336million (ca. US$42 million)for FY 2013 and by ca.ZAR570million (ca. US$71 million) for the combined period from FY2013 to FY2016 (in comparable FY 2013 money terms).

· Guidance for Williamson adjusted toca.2.5Mtpa for FY 2013, climbing to 3.6 Mtpa by FY 2015.Petra still intendsto significantly increase productionabove these levels and the Company will update the market on further expansion programmes in due course wheninternal studies are completed.The deferral of the Phase 2 expansion programme, due to electricity and water supply constraints, will reduce plannedexpansion Capex forFY2013 by approximatelyUS$29million (in comparable FY 2013 money terms).

· Diamond prices expected to remain flat for the restof calendar year2012, with increases expected in calendar year2013 due to the effects of production decreases by major producers and the restocking of inventories in the pipeline, combined with a gradual improvement in global financial conditions.Whilst current rough prices remain under pressure, management continues to believe that the outlook is positive in the medium term.

· Unit operating costsin FY 2013 money slightly above previous guidance, mainly due to South African mining inflation running above the South African consumer price index (CPI). Costs remain well controlled and future increases will continue to be well managedby the Group.

· Expansion Capex for FY 2013 of ca.ZAR1,280million (ca. US$160 million) (South Africa) and US$8.6million (Tanzania), adecrease of ZAR213million (ca. US$27 million)(South Africa) and ca. US$29million(Tanzania)(as noted above)(in comparable FY 2013 money terms).



Conference Call

Petra's CEO, Johan Dippenaar, and Finance Director, David Abery, willhost a conference call at 9:30am BST today to discuss the updated guidance with investors and analysts. Participants are requested to access the detailed guidance documents from Petra's website and have them to hand before the call.



Participants may join the call by dialling one of the following three numbers shortly before the call:

From UK (toll free): 0800 368 1895

Questor share tip: Petra remains a gem despite production setback
Petra Diamonds shares have taken a tumble following revised production guidance. Questor keeps a buy.

Petra Diamonds shares have taken a tumble following revised production guidance. By Garry White
7:00AM BST 21 Aug 2012
2 Comments
Petra Diamonds
102p -1½
Questor says BUY

Petra Diamonds shares have plunged in the past few weeks, underperforming the wider mining sector significantly. Questor thinks the falls have been overdone.

Ahead of an update on the company's production guidance, there was a wave of selling. The market was anticipating a reduction and this duly emerged.

The company lowered its expectations for the year to June 2013, saying it now thought it would mine 2.85m carats, a cut of 250,000 carats.

The reduction was caused by a change in mining plans at its Finsch operation, which has been amended because of "increased levels of geotechnical risks".

The Finsch mine was bought in September 2011 from De Beers and the original forecast was determined during the due diligence process. It has since looked at its assumptions in more detail.

With Finsch only recently entering the fold, it should also not be too startling that guidance has had to change once Petra's management had all the facts. Petra has also delayed the second phase of its expansion at its Williamson mine because of power and water issues, with lower grades at its Cullinan mine expected to be offset by mining a higher tonnage of rock.

These changes mean that capital expenditure will be $71m (£45.2m) lower in 2013 and there will be a $29m fall in 2014 to 2016.

Despite this, output is still expected to jump by 60pc in the current year. Petra also maintained its output target of 5m carats by 2019, compared with production of 2.2m carats in the year to June 2012.

Petra shares have been on a volatile journey since they were named as a tip of the year in January. The year started off very well and the shares soared to 188.2p in March – a 2012 gain of 64pc.

The shares were boosted by a recovery in the diamond price and market cheer about the group's production profile over the next few years.

However, the resurgence of the eurozone debt crisis prompted diamond prices to head south. The shares have moved down so they are now 11pc lower than where they were at the start of the year. Such a sharp negative move looks unwarranted. Yes, the cut in near-term guidance is a negative as it has made some wonder whether the 2019 target is achievable. But the company believes it is and management has a history of being pretty good with their guidance, despite the recent statement.

Once the current sovereign debt fears recede, diamond prices are likely to recover, as they did in 2011.

However, prices are likely to remain flat in the second half of 2012, despite the usual boost from festive holidays and the Indian wedding season.

After the recent fall, Petra shares are now trading on a 2013 earnings multiple of 10.3, falling to 6.9 in 2014. The company does not pay a dividend.

With the market's current backdrop, it can be argued that an easing back in production, with the consequent strengthening of the balance sheet because of lower spending, is not actually such a bad thing.

When diamond prices recover, as they should once there is an easing of global debt fears, the shares should rebound substantially.

They are now 15pc lower than when Questor last recommended a purchase, but the recommendation remains the same. Buy.

Mining Sector: Petra Diamonds up after 44% jump in revenues
StockMarketWire.com
Petra Diamonds (LON:PDL) shares were up in late afternoon trading after it reported that revenues were up 44% to $316.9m in the year to end-June (2011: $220.6m).

Profit from mining activity was up 35% to $103.3m (2011: $76.4m) on production up 98% to 2,208,862 carats (FY 2011: 1,117,795).

Operating cashflow was up 57% to $79.9m (2011: $50.9m).

Adjusted EBITDA rose 35% to $90.3m (2011: $67.1m).

Adjusted EPS was 7.82 cents per share profit (2011: 8.41 cents per share profit).

Basic EPS: 0.48 cents per share loss (2011: 12.83 cents per share profit).

Loss after tax was $2.1m (2011: $59.2m), affected by unrealised foreign exchange losses of $38.6m and non-recurring transaction costs of $3.1m.

Cash at bank at 30th June 2012 was $47.3m (2011: $324.9m).

Bank debt was $65.4m (2011: $69.6m); available but undrawn bank facilities (30th June 2012): $66.3m (2011: $19.9m).

Diamond inventory at period end was $24.5m (2011: $13.3m).

Production up 98% to 2,208,862 carats (FY 2011: 1,117,795).

Capex was $138.8m (2011: $110.9m) (including interest capitalised), within the Company's expectations and in accordance with the roll-out of the Group's expansion programmes.

Petra stepped-up from AIM to the Main Market of the London Stock Exchange in December 2011 and was subsequently included in the FTSE 250 Index in March 2012.

Petra said whilst the rough diamond market remains under pressure as the current economic uncertainty continues, it believes the medium to long-term outlook remains positive due to the strong supply/demand fundamentals.

Chart looks great....one to go long on....

Nice rise....more to come.....

Another one which has done well recently and Macquarie note still positive on this stock, as is Investec.
Investec today reaffirms its buy investment rating on Petra Diamonds Ltd (LON:PDL) and raised its price target to 141p (from 122p).

Panmure Gordon today reaffirms its hold investment rating on Petra Diamonds Ltd (LON:PDL) and raised its price target to 120p (from 112p).

StockMarketWire.com
Petra Diamonds said it has delivered another firm production quarter in Q3 and that it has hiked its FY 2016 production target to 3.6-3.65 Mcts, further to the integration of the Kimberley Mines assets.

"We are excited about our partnership in Kimberley, given the potential for long-term sustainable operations to the benefit of employees and the local communities there," said CEO Johan Dippenaar.

"Our expansion programmes remain on track and the opening up of undiluted mining areas has continued to yield improved grades at both Finsch and Cullinan.

"The construction of the new plant at Cullinan is also on track, and we remain highly focused on delivering the capital projects on time and within budget.

"Petra is currently near the end of its peak Capex year and the Group is confident that its revised covenant and debt facility levels are aligned to successfully complete its expansion programmes."

Further highlights for the period Jan. 1 to March 31 are given below:
* Production up 26% to 995,905 carats (Q3 FY 2015: 791,443 carats); Q3 production favourably impacted by production from the Kimberley tailings operations attributable to Petra following completion of the Kimberley Mines acquisition in January 2016. Production for nine months to 31 March 2016 up 10% to 2,625,308 carats (nine months to 31 March 2015: 2,392,511 carats).

* Production guidance for FY 2016 increased to 3.6 - 3.65 Mcts from 3.3 - 3.4 Mcts following the initial integration of the Kimberley Mines assets.

* Revenue up 25% to US$120.5 million (Q3 FY 2015: US$96.1 million), due to increased sales volumes and the sale of the 32.33 carat pink diamond from Williamson for US$15 million. Revenue for nine months to 31 March 2016 down 12% to US$274.4 million (Q3 FY 2015: US$311.0 million).

* Diamonds sold increased 13% to 937,526 carats (Q3 FY 2015: 826,815 carats) further to the initial integration of the Kimberley Mines assets.

* Rough diamond prices up ca. 3.5% on a like for like basis in comparison to the average for H1 FY 2016, due to an improvement in rough diamond market conditions.

* Expansion programmes, including the Cullinan plant project, remain in line with expectations.

* Cash at bank at 31 March 2016 of US$39.0 million (31 March 2015: US$41.8 million), diamond inventories of ca. US$54.3 million (31 March 2015: ca. US$37.3 million) and diamond debtors of US$46.0 million (31 March 2015: US$15.0 million).

* Net debt at 31 March 2016 of US$395.6 million (31 March 2015: US$99.3 million). The Company has bank facilities undrawn and available of US$114.2 million (31 March 2015: US$91.1 million), split as to ZAR1.6 billion and US$6.2 million.

* Agreement reached post Period end with lender group for improved covenant measurements regarding the Company's senior lender facilities (refer to the table on page 6 for further information).

Barclays Capital today reaffirms its overweight investment rating on Petra Diamonds Ltd (LON:PDL) and raised its price target to 145p (from 125p).

StockMarketWire.com
Petra Diamonds (PDL) recovered a 121.26 carat white diamond at the Cullinan mine in South Africa.

The stone is a Type II diamond of exceptional colour and clarity, and is an example of the large, high-quality diamonds for which the mine is known.

The diamond will be sold in the last tender of Petra's 2016 financial year, which is currently underway in Johannesburg.

This diamond, along with various other high-quality stones that will also be included in the tender, will deliver an improved product mix at the mine in the last quarter of 2016.

StockMarketWire.com
Petra Diamonds and Ekapa Mining have agreed to combine their respective operations in the Kimberley area into an unincorporated JV named the Kimberley Ekapa Mining Joint Venture (KEM JV).

"These assets fit well with the Group portfolio, given Petra's existing Kimberley Underground operations in the area," said CEO Johan Dippenaar.

"Importantly, the transaction demonstrates our commitment to ensuring a sustainable future for the diamond mining industry in Kimberley, which will benefit the Kimberley Mines workforce and local community.

"The KEM JV is expected to bring significant synergies to the operations at Kimberley, including the ability to increase throughput and reduce operating costs, thereby extending the operation's mine life.

"Further production guidance will be included in the Company's FY 2016 Trading Update and FY 2017 Market Guidance announcement, to be released on 25 July 2016."

The respective operations comprise:
1. Petra's Kimberley Underground mines (via its subsidiary Crown Resources (Pty) Ltd);

2. Ekapa Mining's tailings operations (via its subsidiaries Super Stone Mining (Pty) Ltd ("Super Stone Mining"), and Kimberley Miners Forum (Pty) Ltd); and

3. Kimberley Mines tailings operations (via Ekapa Minerals (Pty) Ltd owned 50.1% Ekapa Mining and 49.9% Petra)

finnCap today reaffirms its buy investment rating on Petra Diamonds Ltd (LON:PDL) and set its price target at 213p

StockMarketWire.com
Petra Diamonds has recovered a 138.57-carat Type IIa, D colour diamond at the Cullinan mine in South Africa. The diamond will be offered for sale as part of Petra's next sales process in late August in Johannesburg.

i'ld rather have the diamond than the company's shares :-)

StockMarketWire.com
Petra Diamonds has issued a production and sales update for Q1, which ended Sept. 30.

HIGHLIGHTS:
- 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.

Citigroup today reaffirms its neutral investment rating on Petra Diamonds Ltd (LON:PDL) and raised its price target to 150p (from 120p).

Panmure Gordon today downgrades its investment rating on Petra Diamonds Ltd (LON:PDL) to hold (from buy) and left its price target at 152p.

StockMarketWire.com
Petra Diamonds Ltd said its H1 production rose 24% to 2,015,087 carats due to increased contribution from undiluted ROM ore leading to improved ROM grades, and additional tailings production from Kimberley Ekapa Mining.

It remained on track to deliver FY production of about 4.4-4.6 million carats (Mcts). The company said H1 revenue rose 48% to $228.5m due to increased sales volumes.

Diamonds sold rose 47% for the period to 1,910,113 carats.

"In line with past years, H2 is expected to be a stronger sales period, due to the timing of tenders being weighted towards the latter half of Petra's financial year," the company added in its H1 trading update.

CEO Johan Dippenaar commented that due to the increased contribution in H1 from undiluted ore, Petra had delivered strong operational results, reporting significant increases in production and revenue.

"We continue to advance our expansion programmes and, from this point onwards, will see a meaningful reduction in Capex as the capital projects, which were first set out in 2009, come to fruition," said Dippenaar.

"Safety remains our highest priority at Petra and we are placing renewed focus on this vital area and relentlessly striving for a zero harm workplace."

StockMarketWire.com
Petra Diamonds has announced the launch of a $600m notes issue and restructuring of its debt facilities.

It intended to offer $600m in aggregate principal amount of senior secured second lien notes due 2022. The notes would be issued by Petra Diamonds US$ Treasury, a subsidiary of Petra Diamonds Ltd.

Proceeds would be used to refinance the company's existing $300m 8.25% senior secured second lien notes due 2020, to repay all drawn bank facilities, and for general corporate purposes.

At the same time, Petra said it intended to enter into new bank facilities to provide additional liquidity to the company. It said these facilities would remain undrawn upon closing of the offering of the 2022 notes.

"The new capital structure will provide the group with additional financial flexibility as a result of an extended debt maturity profile and increased liquidity position," it said in a statement.

Petra added that the terms of the 2022 notes would be determined at the time of pricing of the offering, subject to market conditions.

CEO Johan Dippenaar said the group's new capital structure provided Petra with financial flexibility, with no drawn debt maturities until 2022.

"This represents a further step forward in the next phase of the company's development as the eight-year capital expenditure programme at the group's flagship Finsch and Cullinan mines nears completion."

StockMarketWire.com
Petra Diamonds said its Q3 production was steady at 999,768 carats, from 995,905 carats a year earlier, taking production for nine months to March 31 up 15% to 3.014m carats, from 2.625 carats.

The group maintained its full year production guidance of about 4.4 Mcts.

It said revenue was down 1% to $119.1m, with no revenue from exceptional diamonds. A year earlier, revenue was $120.5m, including $15.0m from exceptional diamonds. Excluding exceptional diamonds, revenue rose 13%.

Revenue for nine months was up 27% to $347.6m, including $10.9m from exceptional diamonds. A year earlier, revenue was $274.4m, including $25.0m from exceptional diamonds. Excluding exceptional diamonds, revenue rose 35%.

CEO Johan Dippenaar commented that further progress was made with Petra's expansion programmes during the three-month period, as evidenced by the higher ROM grades achieved as a consequence of the increased contribution from undiluted ore.

ROM production for Q3 increased 18% to 760,916 carats, from 646,850 carats a year earlier, further to ROM grade improvements as a result of the ongoing ramp-up of underground expansion projects.

"The significant strengthening of the company's balance sheet following the recent debt restructuring, as well as the positive signs we are seeing in the diamond market, position us well as we continue to ramp up production from our capital programmes," said Dippenaar.

Market Update
Petra Diamonds Limited announces the following market update with respect to progress with its capital programmes, production profile and its upcoming results for the year ended 30 June 2017 ("FY 2017" or "the Year").

The Company is on track to achieve record revenue and production figures in FY 2017. However, due to the slower than anticipated build-up of its expansion programmes across its operations, production is now estimated to be ca. 8-9% lower than guidance of ca. 4.4 million carats. As a result, revenue is expected to be ca. 8-9% below market consensus and financial results for the Year are therefore also forecast to be below market expectations.

The Company has now reached an operational run rate across the Group which supports FY 2018 production guidance of ca. 5 million carats (which, as stated before, is being reached a year earlier than originally anticipated). While the ramp-up of production from the sub level cave at Finsch took longer than expected, it is now operating at the required levels. At the new Cullinan plant, both mills and crushing circuits have now been commissioned, with the first mill and crushing circuit having been run very successfully for over a month. As previously announced, all untreated ROM stockpile material at Cullinan (which will total ca. 400-450 Kt at Year end) will be processed in H1 FY 2018. Petra has also built up a ROM stockpile at Kimberley Ekapa Mining of ca. 100 Kt.

With respect to the covenants relating to its banking facilities, the Company has had initial constructive discussions with its lender group and is confident that the likely shortfall in the upcoming ratio measurement, arising from the lower production levels, will not present an issue.

Petra will release its FY 2017 Trading and FY 2018 Guidance Update on 24 July 2017.

finnCap today reaffirms its buy investment rating on Petra Diamonds Ltd (LON:PDL) and cut its price target to 120p (from 151p).

Petra Diamonds market value falls after Tanzania seizes $15m shipment

Petra Diamonds’ stock market value fell after the Tanzanian government seized a parcel of gems valued at nearly $15m (£11.4m) as part of a parliamentary investigation into alleged wrongdoing in the diamond sector.

The London-listed company also had to shut down its Williamson mine, the source of the stones, as “certain key personnel” were questioned by the Tanzanian authorities looking into how diamonds are being valued.

Shares in the company, which said it had not been made “formally aware” of the reason for the investigation, fell nearly 25% when the market opened, before recovering to settle at about 6% lower, down 6.2p at 83.75p.

The diamonds were confiscated at Dar es Salaam airport on 31 August as they were being readied for export to Antwerp, with Tanzanian officials claiming they had been undervalued.

“While Williamson Diamonds declared in its documentation that the value of the diamonds was $14.798m, a fresh valuation done by the government established that the actual value of the diamonds is $29.5m,” the finance ministry said in a statement.

“Among the legal action to be taken include the nationalisation of all the diamonds seized after it was established that there was cheating involved in declaring the actual value of the minerals.”

Tanzania has locked horns with several foreign mining companies since the 2015 election of John Magufuli, who as president has sought to extract higher value for the country’s raw materials.

His government last week cited “irregularities” in the process by which its stake in the Williamson mine was reduced from 50% to 25%, while Magufuli has also ordered an investigation into alleged under-declaration of diamond exports.

Petra said it had not been made formally aware of the reason for the investigation, although it produced several documents relating to the valuation process and royalty payments to the Tanzanian government.

The company said the 71,645-carat consignment had been given a provisional value of nearly $14.8m by Tanzania’s diamonds and gemstones valuation agency before being prepared for export.

Receipts for the royalty payments showed it paid nearly $888,000, as well as an “inspection and clearing” fee of nearly $150,000.

It said the final sum to be paid to the government was dependent on what it received from the sale of the gems in Antwerp, rather than the provisional valuation.

“The competitive open-tender process utilised by Petra is also used by several other diamond mining companies and has a proven track record of transparent price discovery,” the company said.

“Petra is committed to engagement with the government in order to resolve this matter and ensure that the correct information is available to all parties.

“The company will be in a position to address any other concerns raised by the findings of the parliamentary investigation once it has received a copy of the report.”

The company said mining operations “are conducted in a transparent manner and in full compliance with legislation in Tanzania and the Kimberley Process”.

“The government has complete oversight of the diamonds produced at the mine, which are physically controlled by a number of different government representatives in conjunction with Petra from the point of recovery until the point of sale.”

first ACA and now this ...... tanzania is obviously intent on grabbing all for itself - sorry; its governing families

small short at 83.35

StockMarketWire.com
Petra Diamonds (PDL) was the biggest FTSE 350 faller after cancelling its full year dividend. The miner also warned it would breach banking debt covenants if it didn't start sales from its Williamson diamond mine in Tanzania by the end of 2017. A consignment of diamonds from the mine were blocked from export by the Tanzanian authorities earlier this month.

i banked my modest profit this morning as i'm too busy running hither and thither, but may be tempted to short once more ..... ditto PURP

When you think it couldn't get worse.........

Labour Disruptions in South Africa
Further to the release of the Company's preliminary results yesterday in which it noted that labour relations volatility could be experienced prior to the finalisation of its new wage agreement for its operations in South Africa, Petra confirms that since last night it is experiencing labour disruption at its Finsch mine and there is also disruption underway at its Kimberley Ekapa Mining JV operations.

The Company is currently assessing the impact on both operations. Although underground and surface mining have been affected, plant treatment is continuing at near normal capacity at both operations treating surface material and available stockpiles.

Normal operations are continuing at Cullinan and Koffiefontein.

The Company is in ongoing discussions with the National Union of Mineworkers in order to resolve the situation and is closely managing the situation to ensure the least possible impact on Group production. Petra will update the market as the situation unfolds.

PDL
Petra Diamonds shares fell 4 percent on Tuesday after the miner said it had experienced labour disruption overnight at its Finsch mine and Kimberley Ekapa Mining JV operations in South Africa.

Members of South Africa's National Union of Mineworkers (NUM) are on strike over pay, regional secretary Cornelius Manhe said, after more than 600 members downed tools on Monday.

The London-listed miner had warned on Monday that there could be labour unrest as it finalises a new wage agreement for its operations in South Africa, sending its shares down 7 percent on the day.

It also said on Monday that it had resumed operations at its Williamson mine in Tanzania after a four-day stoppage, adding that its full-year production target remains unchanged.

Petra Diamonds had halted operations at the mine last week after the Tanzanian government seized a consignment of diamonds and questioned Petra personnel as part of a crackdown on the mining sector.

StockMarketWire.com
Petra Diamonds downgraded full-year production guidance and said its earnings would fall short of market expectations.

Output for the year was now expected at 4.6m-to-4.7m carrots, down from previous guidance of 4.8m-to-5.0m, mostly due to lowered grade guidance at the Cullinan mine in South African and industrial action.

Petra diamond said Ebita for the full year was expected to around 10-15% below consensus, primarily due to the recent strengthening of the Rand.

'Petra's stated strategy is to focus on value as opposed to volume production, which is particularly pertinent to diamond operations, as not all carats are of equal value,' chief executive Johan Dippenaar said.

'Our assessment of optimal recoveries at Cullinan has therefore led us to opt for lower carat volumes, due to the positive impact that not recovering the small diamonds has on the average value per carat.'

'This has led to lowered production guidance for FY 2018, but does not materially impact our expected revenue, further to the positive uplift in Cullinan's average value per carat.'

StockMarketWire.com
Petra Diamonds swung to a first-half loss after it was dogged by industrial action and wrote down the value of its assets in South Africa.

The company booked a net loss of $117.7m, compared to a profit of $35.2m in the first half of its fiscal 2017 year.

Revenue fell slightly to $225.2m, from $228.5m.

The company booked non-cash impairment charges recognised on the carrying value of Koffiefontein and Kimberley Ekapa Mining of $118.0m, due to the effect of the strong Rand on the cost base of the assets, compounded by 'continuing operational underperformance'.

Annual revenue expectations remained in line with current consensus forecasts, the company said.

StockMarketWire.com
Petra Diamonds boosted third-quarter revenue by 44% after it produced and sold more gems.

Revenue rose to $172.0m from 1,373,771 carats sold, up from 1,069,886 carats the previous year.

Production jumped 20% to a record quarterly volume of 1,194,947 carats.

'Petra has recorded strong results in both production and sales, as well as a continued improvement in our safety performance,' chief executive Johan Dippenaar said.

'It is also important to note that the make-up of our production is transforming, with higher-value run-of-mine production representing around 82% of our carat volume. The future focus of the company will move away from volume targets to value optimisation.'

'While we are very encouraged by the operational delivery against our long-term expansion plans, risks to performance continue to relate to increased volatility in the ZAR/US$ exchange rate, grade and pricing variability at Cullinan, as well as the outlook for Williamson and the blocked diamond parcel.'

Barclays Capital today reaffirms its overweight investment rating on Petra Diamonds Ltd (LON:PDL) and cut its price target to 70p (from 85p)

Barclays Capital today reaffirms its overweight investment rating on Petra Diamonds Ltd (LON:PDL) and cut its price target to 65p (from 70p).