{"id":119105,"date":"2019-04-18T01:52:58","date_gmt":"2019-04-18T01:52:58","guid":{"rendered":"https:\/\/www.bnreport.com\/petra-diamonds-aims-to-be-cash-flow-positive-this-year-2\/"},"modified":"2019-04-18T01:52:58","modified_gmt":"2019-04-18T01:52:58","slug":"petra-diamonds-aims-to-be-cash-flow-positive-this-year-2","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/petra-diamonds-aims-to-be-cash-flow-positive-this-year-2\/","title":{"rendered":"Petra Diamonds aims to be cash flow positive this year"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/russia-alrosa-diamonds-auction-825880210-5cb49af84a279.jpg\" \/><\/p>\n<p>Miner <a href=\"http:\/\/www.cityam.com\/company\/petra-diamonds-ltd\" rel=\"noreferrer noopener\" target=\"_blank\">Petra Diamonds<\/a> plans to have a positive cash flow by the second half of 2019, the company said today even as production fell in the third quarter of the financial year.<\/p>\n<p>The companys mines spat out 924,000 carats of diamonds, down 6.9 per cent on the year before as production decreased at its Finsch mine.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/275514\/petra-diamonds-finds-its-second-largest-diamond-mine-which\" rel=\"noreferrer noopener\" target=\"_blank\">Petra Diamonds finds its second largest diamond<\/a><\/p>\n<p>Output at the mine dropped 30 per cent to 387,000 carats, around 55,000 below expectations. The mine faced delays to a winder upgrade and the belt on a conveyor tore in January, the firm said.<\/p>\n<p>However, production for the financial year to date is still up four per cent to 2.9m carats, the company revealed.<\/p>\n<p>Chief executive Richard Duffy, who took the position two weeks ago, said the firm aims to be cash flow positive in the second half of 2019. His short-term focus is on \u201cstabilising the operations as we transition from a stage of high capital investment,\u201d Reuters reported.<\/p>\n<p>\u201cWe expect to announce strategy towards the end of the calendar year,\u201d Duffy added.<\/p>\n<p>It is also in negotiations with authorities in Tanzania which seized a parcel of diamonds in 2017 in an attempt to get more revenue from foreign mining companies.<\/p>\n<p>\u201cWere continuing to engage with the authorities. Its difficult to talk about time, but we are having constructive co<a href=\"http:\/\/www.cityam.com\/276299\/petra-diamonds-aims-cash-flow-positive-year-despite-falling\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Miner Petra Diamonds plans to have a positive cash flow by t..<\/p>\n","protected":false},"author":1,"featured_media":119106,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-119105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Petra Diamonds aims to be cash flow positive this year - Business News Report<\/title>\n<meta name=\"description\" content=\"Miner Petra Diamonds plans to have a positive cash flow by t..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/petra-diamonds-aims-to-be-cash-flow-positive-this-year-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petra Diamonds aims to be cash flow positive this year - 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