London-listed Petra Diamonds has cut its cash flow targets amid a weak diamond market, owing to the coronavirus outbreak, which started to affect Chinese citizens late last year and has since spread to 24 countries.
Reporting on its results for the six months ended December 31, Petra on Monday said its Project 2022 – which involves optimisations and expansion initiatives at all its mines – remained on track to deliver significant cash flow generation, reaching an annualised rate of between $50-million and $80-million.