{"id":1128122,"date":"2019-07-22T11:00:48","date_gmt":"2019-07-22T16:00:48","guid":{"rendered":"https:\/\/www.mining.com\/?p=997215"},"modified":"2019-07-22T11:00:48","modified_gmt":"2019-07-22T16:00:48","slug":"weak-demand-takes-shine-off-petra-diamonds-revenue","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1128122","title":{"rendered":"Weak demand takes shine off Petra Diamonds revenue"},"content":{"rendered":"<p>South Africa\u2019s Petra Diamonds (LON:PDL) became Monday the latest victim of a weak demand for precious stones that\u2019s crippling the industry after <a href=\"https:\/\/ir.q4europe.com\/solutions\/petradiamonds\/3144\/newsArticle.aspx?storyid=14385398\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">reporting full-year revenue<\/a> below analysts\u2019 estimates.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The company, owner of the iconic Cullinan mine in South Africa, where the world\u2019s biggest-ever diamond was found in 1905,\u00a0also said it anticipated that next year\u2019s production would be slightly lower.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>It expects to produce about 3.8 million carats in 2020, slightly down from the 3.9 million carats it generated for the year ended June 30.<\/p>\n<\/blockquote>\n<\/figure>\n<p>It now expects to produce about 3.8 million carats in 2020,<br \/>\ncompared to the 3.9 million carats it generated for the year ended June 30.<\/p>\n<p>Petra, which recently appointed former gold miner Richard<br \/>\nDuffy as chief executive, has been seeking to turn around its fortunes&nbsp;<a href=\"https:\/\/mining.com\/petra-diamonds-ceo-leave-following-shares-value-dip-debt-increase\/\"  rel=\"noreferrer noopener\">after piling up debt<\/a>&nbsp;to expand Cullinan. It said it<br \/>\nwas targeting $150 million to $200 million of free cash flow over the next<br \/>\nthree years.<\/p>\n<p>In the past year, diamond miners have had a hard time as<br \/>\ndemand remains weak, while supply, especially for smaller and cheaper stones,<br \/>\nhas increased.<\/p>\n<p>Last week, the world\u2019s biggest miner of precious stones, De Beers, also reported an <a href=\"https:\/\/www.mining.com\/anglo-americans-diamond-unit-takes-sparkle-away-from-results\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">output drop and cut guidance<\/a> for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It expects to produce about 3.8 million carats in 2020, compared to the 3.9 million carats it generated for the year ended June 30.<\/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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","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":"var(--ast-global-color-5)","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":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1128122"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1128122"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1128122\/revisions"}],"predecessor-version":[{"id":1128132,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1128122\/revisions\/1128132"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1128122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1128122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1128122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}