Petra Diamonds aims to be cash flow positive in the second half of the year and will then be able to consider future developments.African miner Petra Diamonds’ , which has high debt levels, aims to be cash flow positive in the second half of the year and will then be able to consider future developments, its new chief executive said on Monday.
The company’s share price has fallen 55% since the start of the year as weak diamond prices weighed and Petra grapples with debt following years of capital expenditure to upgrade its mines. On Monday the company reported lower output in the quarter ended on March 31, as an upgrade of operations at one of its mines fell behind schedule, but also said it sees signs that diamond prices are recovering.
CEO Richard Duffy, who took office at the start of the month, said his short-term focus was “on stabilising the operations as we transition from a stage of high capital investment".
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
De Beers CEO says dire demand for dinky diamonds is stabilisingThe diamond company has been forced to cut prices to sell its cheaper gems in recent months, and its sales have been depressed
Source: BDliveSA - 🏆 12. / 63 Read more »
De Beers CEO says dire demand for dinky diamonds is stabilisingThe diamond company has been forced to cut prices to sell its cheaper gems in recent months, and its sales have been depressed
Source: BDliveSA - 🏆 12. / 63 Read more »
Despite the bright spots, UK economy keeps choking on bitter Brexit pillUnpredictable process has created ambiguity for business dependent on investment or trade across borders, and knock-on uncertainty, writes Tim Harford
Source: BDliveSA - 🏆 12. / 63 Read more »