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Petra Diamonds HY Loss Narrows; Names Richard Duffy As CEO

Petra Diamonds Limited (PDL.L) reported that its net loss after tax for the six months to 31 December 2018 narrowed to US$57.9 million from US$117.7 million last year. Basic loss per share of 6.57 US cents compared to basic loss per share of 15.92 US cents in the prior year.

Adjusted net loss after tax was US$4.5 million compared to profit of US$7.2 million in the prior year.

Revenue was US$207.1 million compared to US$191.8 million last year.

The company has maintained its full year production guidance of ca. 3.8 - 4.0 Mcts.

Petra Diamonds also announced the appointment of Richard Duffy as Chief Executive of the Company with effect from 1 April 2019.

Richard brings 27 years' experience in mining in a variety of operational and functional leadership roles at Anglo American and AngloGold Ashanti Limited. His roles at AngloGold Ashanti included heading up their African operations as well as that of CFO. After his departure from AngloGold Ashanti in early 2015, he was co-founder of a company that develops, finances, builds and operates renewable and hybrid energy projects in sub-Saharan Africa.

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