Petra Diamonds profit falls, restarts Tanzania mine

PUBLISHED: Mon, 18 Sep 2017 09:06:29 GMT

Petra Diamonds Ltd on Monday reported a 4.3 percent fall in full-year adjusted profit and said it resumed operations at Williamson mine in Tanzania after a four-day stoppage.

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

The miner said its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $157.2 million for the twelve months to June 30, from $164.3 million in the year before due to delayed ramp-up of the expansion programmes and higher cash costs.

However, full-year revenue rose 10.7 percent to $477 million on higher production.

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.