{"id":1108229,"date":"2019-03-29T10:55:11","date_gmt":"2019-03-29T10:55:11","guid":{"rendered":"http:\/\/www.mining.com\/?p=978865"},"modified":"2019-03-29T10:55:11","modified_gmt":"2019-03-29T10:55:11","slug":"petra-diamonds-shares-jump-on-425-1-carats-discovery-at-cullinan","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1108229","title":{"rendered":"Petra Diamonds shares jump on 425.1-carats discovery at Cullinan"},"content":{"rendered":"<p>Shares in Petra Diamonds (LON:PDL) jumped more than 8% on Friday after the miner <a href=\"http:\/\/ir.q4europe.com\/Tools\/newsArticleHTML.aspx?solutionID=3144&amp;customerKey=PetraDiamonds&amp;storyID=14265566\"  rel=\"noopener\">announced it had dug up a 425.1 carat, D-colour, Type II<\/a> gem quality diamond at its iconic Cullinan mine in South Africa.<\/p>\n<p>The discovery comes less than a month after Petra found a 100.83 carat gem-quality white diamond\u00a0at the same mine, source of the world\u2019s biggest-ever diamond, which was unearthed in 1905.<\/p>\n<p><q class='pullQuote-right'>Earlier in March, Petra had recovered a\u00a0100.83 carat, white D-colour type II gem-quality stone.<\/q><\/p>\n<p>The company, which appointed last month former gold miner Richard Duffy as chief executive, said both recoveries demonstrated the frequency of such large stones at Cullinan.<\/p>\n<p>The stock climbed on the news, trading 8.3% higher in London at19.60p\u00a0by 12:32 p.m. local time.<\/p>\n<p>Petra, which has been seeking to turn around its fortunes\u00a0<a href=\"http:\/\/www.mining.com\/petra-diamonds-ceo-leave-following-shares-value-dip-debt-increase\/\"  rel=\"noopener\">after piling up debt<\/a>\u00a0to expand the operation, plans to sell the 425.10ct diamond during the June quarter.<\/p>\n<p>Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto\u2019s (LON, ASX: RIO) customers refused to buy cheaper diamonds, while De Beers has been\u00a0<a href=\"http:\/\/www.mining.com\/de-beers-make-enemies-cuts-low-quality-diamond-prices\/\"  rel=\"noopener\">forced to cut prices and offer concessions<\/a>\u00a0to buyers.<\/p>\n<p>This week, Africa-focused\u00a0Firestone Diamonds (LON:FDI) put plans to extend the life of its 75%-owned Liqhobong mine in Lesotho <a href=\"http:\/\/www.mining.com\/firestone-diamonds-halts-liqhobong-mine-expansion-plans-limits-h1-losses\/\"  rel=\"noopener\">on the back burner<\/a>, saying that current market conditions don\u2019t support the project.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/petra-diamonds-shares-jump-425-1-carats-discovery-cullinan\/\">Petra Diamonds shares jump on 425.1-carats discovery at Cullinan<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The discovery comes less than a month after Petra found a 100.83 carat gem-quality diamond at the same mine.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/petra-diamonds-shares-jump-425-1-carats-discovery-cullinan\/\">Petra Diamonds shares jump on 425.1-carats discovery at Cullinan<\/a> appeared first on <a rel=\"nofollow\" href=\"http:\/\/www.mining.com\/\">MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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