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Petra Diamonds' FY'16 diamond output up 16%, exceeds guidance

Petra DiamondsLtd. said July 25 that it produced 3.7 million carats for the yearended June 30, 16% higher than the 3.2 million carats it the previous year, and exceedingits increased marketguidance of 3.6 million carats to 3.65 million carats.

Run-of-mine diamond production grew 13% year over year to 2.6million carats, while the output of tailings and other diamonds jumped 23% to1.1 million carats.

The year-on-year higher output was due to increasedcontribution from undiluted run-of-mine ore and additional production fromKimberley Ekapa Mining following the January acquisition of Kimberley mines in South Africa.

Petra also increased its 2017 production guidance by 25% to30% to 4.6 million carats to 4.8 million carats, split at 2.1 million carats inthe first half and 2.6 million carats in the second half.

The company sold 3.4 million carats during the year, up 9%from 3.2 million carats in fiscal 2015. This earned the company US$430.9million in revenues, a slight increase from the US$425.0 million the previousyear.

CapEx for the period was US$321.5 million, up from US$274.1million.

CapEx in fiscal 2017 will be "substantially lower"than that of fiscal 2016, Petra said. CapEx in 2018 will fall to around US$130million and US$85 million in fiscal 2019.