Petra Diamonds increases profits, production

South African miner Petra Diamonds announced Monday an increase in its profits and production during 2012 plus expectations of a steady market for the coming year.

The company's revenue rose 63% year on year to $151.7 million during the first half of 2012, while profit from mining activity rose 26% to $41.2 million. Production rose 31% to 1.247 million carats.
Petra expects the rough diamond market to remain stable in the second half of this year as a result of its confirmed first tender, which was $62.1 million on the sale of 401,159 carats.
It forecasts sales to be substantially higher in the second half of 2013 as it will increase its tenders from three to five.