East Africa

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.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier

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