Petra Diamonds reduces 2012 production guidance

Petra Diamonds has reduced its production target for this fiscal year by 0.25 million carats to 2.85 million carats.

The company said in a statement the change is mainly due to the revision of expansion plans at its Finsch mine in South Africa and lower production levels at Williamson in Tanzania.

London-listed Petra has interests in eight producing mines: seven in South Africa and one in Tanzania. It also maintains a highly focused exploration programme in Botswana.

Petra Diamonds however reaffirmed its FY 2019 production target of 5 million carats.

The company expects diamond prices to remain flat for the rest of the year with an improvement in in 2013 primarily due to lower production from the majors and the restocking of inventories.