The exceptional D colour Type IIa gem was recovered in March from the company’s iconic Cullinan mine, the same that yielded the biggest diamond ever in 1905.
Petra Diamonds Mining News
The find is the third Type II D-colour gem-quality diamond weighing more than 100 carats recovered since March and the fourth such rock discovered in the current financial year.
The companies say that their OptiMine Analytics technology is particularly useful when it comes to dealing with failing equipment and regular maintenance.
The discovery comes less than a month after Petra found a 100.83 carat gem-quality diamond at the same mine.
The diamond miner said the appointment of a new chair was "not appropriate" at this time.
It follows the recent recovery of a 6.12 carat Type II blue stone at the same mine.
Analysts said appointing Richard Duffy, who has held finance posts in his 27 years in mining, would benefit the company as it sought to cut debt.
It could take 'between five and 10 years' to clear the debts related to the mine.
Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compared to the same period of 2017.
Johan Dippenaar has held the top position since 2005, when Petra merged with Crown Diamonds.
The miner said it expects to produce 4.6 million to 4.8 million carats in 2019, well below the 5.0-5.3 million carats it forecast in July last year.
The Kimberley Ekapa joint venture focuses on mining in the South African town of Kimberley.
Shareholders approved the discounted rights issue at a special meeting in London held Wednesday.
Petra has been hit by production delays, strikes, a confiscated consignment of diamonds and a strong South African rand.
Revenue for the quarter ended March 31 climbed 44% to $172 million, while production jumped 20% to a record quarterly volume of 1,194,947 carats.
Petra Diamonds said it has finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements.
Petra was hurt mainly by a strike at its South Africa operations and the blocking of a consignment of diamonds in Tanzania.
The stock fell by 21%, the steepest intraday decline since September, after the miner lowered production forecasts and confirmed that a stronger South African currency would knock annual profits.
The company says that labour disruptions in South Africa and the confiscation of a parcel of diamonds by the Tanzanian government are to blame.
Over the last nine years 66 record-breaking and other noteworthy diamonds were recovered, and 61 of those have been found within the last five years.
Company reached wage agreement with the main union at two of its mines in South Africa. Workers will return to work on Friday.
Stock closed 12.2% higher at 64.80p, after it had fallen on Tuesday to its lowest since late 2015.
The National Union of Mineworkers said on Thursday its members would go on an indefinite strike at the mine over wages, benefits.
President John Magufuli also directed the central bank to buy the precious stone to boost reserves — the latest twist in a spat with mining firms over alleged tax evasion.
Shares in the diamond miner fell for a second consecutive day after it warned that two of its South african mines had been affected by strikes.