Johannesburg: Petra Diamonds Ltd. reiterated its production target of 3.2 million carats for the fiscal year that ends on June 30 and it remains on target to achieve 5 million carats by 2019, according to a market update that was filed on the London Stock Exchange. However, due to the lower incidence of high-quality rough diamond production and with a higher volume of smaller diamonds being recovered, Petra anticipates reporting revenue of approximately $430 million for the fiscal year, which is down from $472 million one year earlier.

The mining company defined the year as “a transitional period” due to late stage underground production at Finsch and Cullinan tapping mature and diluted resources. Petra did state, however, that reliance on production from heavily diluted ore will become less of an issue during the course of the current fiscal year as it increases production from less diluted areas and due to new mining areas providing access to undiluted ore and reduced waste development. The company expects to announce fiscal year 2015 results along with annual guidance on July 27.

KW: Petra Diamonds, London Stock Exchange,