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Diamond miner Petra expects full-year revenue of about $430 mln

Reuters - UK Focus

June 12 (Reuters) - Petra Diamonds Ltd (LSE: PDL.L - news) forecast full-year revenue below market expectations as it fetches less for the smaller diamonds being mined from late stage ores at its Finsch and Cullinan mines in South Africa.

The company, which expects full-year revenue of about $430 million, said it had seen fewer high quality stones, but kept its production target of about 3.2 million carats for the year. .

Analysts on an average had expected revenue of $457.75 million for the full year ended June 30, according to Thomson Reuters I/B/E/S.

Petra Diamonds, which has four producing mines in South Africa and one in Tanzania, had warned in April that full-year results would be below market consensus due to variability in grade and production mix. (Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)